Aldar to deliver last phase of Dh5b Central Market project in 2012

By Himendra Mohan Kumar, Staff Reporter  www.gulfnews.com

Abu Dhabip: Aldar Properties plans to deliver its Central Market project in the capital, a high-end and fully integrated mixed-use redevelopment, in phases, the last phase being slated for completion in the fourth quarter of 2012, a senior company executive said Monday.

Aldar at the start of the Central Market project had estimated its total cost at Dh5 billion.

“The new souq will be ready by the mid-year 2010, the next delivery will be of the emporium in the last quarter of 2011 and finally, office and residential towers of project during the fourth quarter of 2012,” Frederick Douglas, director of Leasing at Aldar Properties, said on the sidelines of a news conference.

“When complete, the Central Market residential tower will have 88 floors, and it will be the highest residential building in Abu Dhabi,” Douglas added.

Aldar and Retail Arabia International said at the news conference they have signed a 10 year lease agreement that will see the development of the region’s first House of Fraser store at the Central Market. House of Fraser is a leading departmental store group from the UK, will be the anchor store for the Emporium.

Nabil Daud, managing director and CEO of Retail Arabia International, said that during the first year of its operations in Abu Dhabi, House of Fraser is eyeing between Dh90 million and Dh130 million worth of sales.

The value of real estate projects being developed by Aldar in the emirate of Abu Dhabi is estimated at $75 billion (Dh275 billion).

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