Union Properties gets started on Dh2b project in Motor City as comeback gathers pace
Developer's launch comes as Dubai offplan sales continue to record sizeable gains
Dubai: The Dubai developer Union Properties has taken the first steps to build a new project portfolio - and cover some more distance in making its comeback story happen.
It has broken ground on a Dh2 billion mixed-use development in Motor City - the 'Takaya' - and which overlooks the Dubai Autodrome. Home prices will be in the mid-to-high range, the developer says. Union Properties had been notably absent from offplan launches in recent years as it focused on regaining financial and operational viability. In this period, Dubai has been through an offplan sales boom, with 2024 all set to close as the best ever.
The Takaya will take the shape of three residential towers with 788 units. There will also be a 500-meter long shopping boulevard. Through the years, creating mixed-use communities has been a particular strength for Union Properties, and this project too is playing to that. Motor City already is a bustling development, with its retail and F&B options proving popular.
The Bayut property portal has listings for an in-development studio unit at Motor City for Dh570,000, while one-bedroom prices are from Dh900,000. On rentals, a one-bedroom shows Dh83,000 and it's Dh135,000 for a two-bed.
UP stock price
On the DFM, the Union Properties' share price had a fairly active trading month, hitting a near 10% gain in a day at one point. In both the last 1-month and 6-month cycle, the stock's gain has been 12.5%. "Shareholders continue to vest confidence that this UP management will once and for all resolve its legacy issues," said an analyst. "The land bank UP owns is valuable and creating community themed projects has been a UP strategy for long.
"If Takaya delivers, UP can buy itself some more space to grow."
The share is running at Dh0.40.