Start your engines

With an economy based on fossil fuels and no sales tax on automobiles, it's no surprise that the UAE is a nation obsessed by flash cars. Likewise its expats, many of whom purchase their dream cars once they start earning the big bucks. It was only a matter of time, really, before a developer linked this car craze to property development.

Located between Arabian Ranches and the Dubai Autodrome, Union Properties' (UP) MotorCity is an automobile and motor sport themed development that includes residential, business, retail, sporting and leisure elements.

On April 1, the first property handovers took place at Uptown MotorCity, with 515 residential units within seven buildings coming online.

Lesley Sayle, chief property officer, Union Properties, says, "Uptown MotorCity is designed along the same concept as Uptown Mirdif. Uptown is a brand, a result of one of UP's revolutionary concepts of creating original development brands in Dubai, along with other prominent brands such as Green

Community. Both Uptowns provide a secure family living environment with retail outlets, playgrounds and recreational facilities nestled within landscaped gardens. The difference between the two Uptowns is that the one at MotorCity will be larger in area, comprise more units and has the added advantage of being within walking distance of the popular Autodrome. Residents who are motor sports fans will have access to various automobile-related leisure facilities."

Already operational, the Dubai Autodrome features a 5.39km FIA-certified track with supporting services such as pit garages, grandstand, race administration, medical centres and more. The Autodrome also includes a race school and a Kartdrome where guests have the choice of two tracks, outdoor and indoor, in addition to a Laserdrome arena.

Although car enthusiasts would relish an address such as this, residents of MotorCity won't be limited to bike and automobile fans. Union Properties is also aiming to attract families to the Uptown community. "The area is a pedestrian-friendly setting where residents could walk from their homes to work, shop, enjoy a vibrant social scene and be entertained with its five project components," says Lesley. "When completed, MotorCity will be an exciting new development that epitomises the best of urban living."

With over 3,000 units in various stages of hand-over and adding final touches, Uptown MotorCity also provides potential residents with flexible rent-to-buy options. Although MotorCity is primarily a freehold development, the studio, one-, two- and three-bedroom apartments and exclusive four-bedroom townhouses are both lease and freehold.

For some of these units, UP has introduced a rent-to-own scheme. Those who opt for this are offered a flexible leasing and buying opportunity for the residential and commercial properties, giving potential homeowners the option to rent, own or rent-to-own.

"We initially introduced the rent-to-own scheme over four years ago to support the sales at the first Green Community projects," says Lesley. "It was a plan that was successful and by reintroducing the rent-to-own scheme, we are giving residents and businesses the flexibility to plan for their homes and office spaces. These options are for units in MotorCity as well as in Index and Limestone [in Dubai International Financial Centre], giving clients three distinctive choices, depending on their requirements and circumstances.

"Clients are given the flexibility of living in selective units in our properties for a period of two years," says Lesley. "After they complete the first or second year in the property, they have the option of buying the unit at a fixed price with refund of a percentage of their yearly paid rent, depending on the year. The rent for the select unit will, therefore, remain unchanged for the period of two years. If, however, the client does not, or is not able to buy the unit, Union Properties would repossess it."

Rent-to-own schemes are available for the one- and two-bedroom apartments at Marlow House 1 and one-, two- and three-bedroom units at Fox Hill 3. The prospective buyer would need to pay the rent-to-own option fee ranging from Dh15,000 to Dh25,000 depending on the number of bedrooms. Accordingly, if choosing to buy at the end of either the first or second year, a buyer would have to pay an additional 2.5% of the original price (ranging from Dh1.5 million to Dh2.2 million for Marlow and Dh1.57 million to Dh3.6million for Fox Hill).

If buying at the end of the first year, a buyer will be refunded 70% of his/her rent, or 60% of two years' rent if buying at the end of the second year.

The rent-to-own concept at MotorCity was launched in October 2008. Units at Fox Hill, which went on sale during phase two in October 2008, saw prices nearly 50% lower than the present rates. However, as there are currently no units on sale, the only option for the time being is rent-to-own.

"While 75% of the total available stock of units at Uptown MotorCity have already been sold out, UP does still have a portion of the remaining units as part of its rental portfolio," says Lesley.

Which begs the question, with the current downturn in the property market and looming oversupply of apartments, is the time right for UP to release more units at MotorCity?

"We're not planning on releasing any more units at this stage," says Leslie. As a result, unlike some other developments which have had to slash their original selling price, "the concept of changing our prices doesn't apply to us."

Beyond Uptown MotorCity lies another residential area, Green Community MotorCity. The terraced apartments in this development have handovers scheduled for May 2009, while the family villas, bungalow and townhouses will be handed over in phases, starting in June.

"Green Community MotorCity aims to provide a way of life within a working and living secure community which encompasses landscaped gardens, water features, stone streets and walkways in a relatively traffic- free environment," says Leslie. "It is a gated family development of villas, townhouses, bungalows and terraced apartments that overlook a lake."

Residents of both Green Community and Uptown have an entire motorcade lifestyle at their doorstep. Besides Dubai Autodrome, the community will also include the upcoming F1-X, a Formula One-themed leisure destination with entertainment for the entire family. With a projected building cost of Dh1.7 billion, the project has been delayed by a year and will probably be completed by the end of 2010.

Another upcoming attraction in MotorCity will be the Business Park, which offers numerous investment and development opportunities for companies directly and indirectly related to the automotive and motor sport industries, according to UP.

For those whose lives and work revolve around cars, there couldn't be a better address than this. "Divided into three main districts retail commercial, auto commercial and applied technologies Business Park will also feature the Auto Mall complex that will include three major buildings connected to each other, a three-storey showroom, a 38-storey office building and a hotel," says Lesley.

Thrillseekers will be able to enjoy the view from Auto Mall, which overlooks the action on the Autodrome's racetrack. All the car showrooms are scheduled to have a visual link to the racing venue, while the offices command a stunning view of the entire track.

Whether you want to buy or rent-to-own a property, living at MotorCity is every rev-head's dream.