The quality of construction work is becoming increasingly important in the UAE’s real-estate market, according to Sami Asad, chief executive officer of Aldar Properties, speaking at MEED’s Arabian World Construction Summit (AWCS).
‘’Schedule was the main consideration before, but now it is cost, schedule and quality. Cost and quality are playing a bigger role,’’ said Asad.
The Aldar chairman also spoke of the benefit of fixed lump sum contracts, which are increasingly being used in the procurement of real-estate projects in the UAE.
‘’With fixed lump sum contracts, the risk is less and there is more control over the project,’’ said Asad.
Abu Dhabi-based Aldar is developing the emirate’s Yas Island. The developer recently received bids from firms for the contract to build an estimated AED2.5bn ($680m) shopping mall on the island.
In March, Aldar awarded a $170m contract to the local Alec to build a water park on Yas Island. The water park will cover a total area of 164,000 square metres and will contain more than 40 rides and attractions. The project is scheduled for completion in 2012 (MEED 4:3:11).