Local developer Aldar Properties has awarded the AED500m ($136m) main construction contract for its Mayan project to the local Ghantoot General Construction.

The works involve completing the construction of five eleven-storey buildings comprising 512 units with 19 beach villas.

The local Dutch Foundation is working on the piling and excavation works. The consultant is the US’ Aecom.

Aldar reported net profits of AED2.8bn for 2016, compared with $707m in 2015. The developer said in February that it expects sales of AED3bn in 2017, down from AED3.5bn in 2016.

The strong results were achieved despite a weak property market in 2016. Analysts expect Abu Dhabi’s real estate market to remain subdued in 2017 due to reduced government spending and rightsizing in the corporate sector.