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Aldar Properties announced it is launching a new AED10 billion (USD2.7 billion) residential masterplan titled, Alghadeer.

Aldar Properties, an Abu Dhabi-based property development company, appointed Trojan General Contracting as the main contractor for Water’s Edge, its latest waterfront development on Yas Island.

Aldar Properties has appointed Construction Group Contracting House as the main contractor and early works package provider for an AED745 million (USD203 million) contract at The Bridges, its mid-market residential development on Reem Island.

In the first half of the year (H1), Aldar Properties recorded a five percent year-on-year jump in gross profit to AED1.29 billion (USD351 million).

Aldar Properties has confirmed that this year’s multiple development projects are on track for handovers, including Ansam apartment complex on the west side of Yas Island, set to be finalised in the fourth quarter.

Aldar Properties is on track to open a 2.4km canal within its Shams development on Reem Island, with final testing underway ahead of the scheduled flooding in April.

As part of its strategy to boost its recurring revenue, Aldar Properties has recently unveiled plans to launch four new projects on Abu Dhabi's Yas Island and Reem Island.