Dubai’s Union Properties launches 3 new projects valued at Dh6 billion
First project ‘Takaya’ will be announced in the coming weeks
Dubai: Dubai developer Union Properties announced Wednesday it plans to launch three new development projects with a total value of Dh6 billion. The first project, Takaya, will be announced in the coming weeks, while Al Khaleej has reported that the other two projects will be unveiled within the next 18 months.
Moreover, after strengthening its financial solvency and improving its asset management efficiency, the developer said it had reduced its debts by 50 per cent, from Dh1.5 billion to Dh750 million.
Amer Khansaheb, CEO and board member of Union Properties, said the company hopes to further reduce it to Dh400 million by the end of 2024, achieving a total reduction of 73.3 per cent.
He stated that the company strengthened its financial solvency through various strategic measures, including improving asset management efficiency and selling a portion of its land holdings valued at up to Dh1 billion.
New projects
The first project, “Takaya,” will consist of three towers of varying heights, adding 744 residential units of different sizes, 39 townhouses, five standalone villas, and 55,000 square feet of retail space. The project has a total area of 440,000 square feet and a construction area of 1.2 million square feet; the project has an estimated investment value of Dh2 billion. Details are expected to be announced in the coming weeks.
The second project will feature four towers connected by a podium, with about 3 per cent dedicated to retail space, also at an investment cost of Dh2 billion.
The third project is still in the study and design phase. It has an estimated investment value of Dh2 billion.
Khansaheb said, “Since 2022, the real estate sector has experienced strong growth across various fields, driven by increased demand for property ownership, both for residential and investment purposes, by diverse nationalities. This surge has been supported by the UAE government’s strategic initiatives to enhance the attractiveness of the local investment environment, attract capital, and foster major global partnerships.”