Local contractor has been appointed for work on Aldars residential project in Abu Dhabi
Abu Dhabi developer Aldar Properties has appointed a main contractor for its $120m mid-market Shams Meera residential project in Abu Dhabi.
The $70m contract, which was awarded to the local Fibrex, will see the firm work on the construction of 400 apartments and all associated works at the Shams Abu Dhabi scheme on Reem Island.
The project will be made up of two towers at 25 stories each. The consultant on the project is the US Aecom.
Earlier this month Aldar refinanced AED1.8bn ($490m) of bank loans which were due to mature in 2018.
Three local and international banks agreed interest-only loans with five, seven and ten-year tenors.
Aldars debt maturity profile now averages four years.
US-based Standard & Poors upgraded Aldars long and short term issuer rating from BBB-/A-3 to BBB/A-2. It cited the property developers improving operating performance. Recurring income from Aldars rental portfolio has strengthened its financial and risk profile.
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