Union Properties announced the upcoming launch of Takaya, the company’s latest mid-to-high range real estate offering, and its first new development since 2015, on Tuesday.
The mix-use project, part of the company’s turnaround strategy, will be located in the Motor City community, and will consist of 788 units across three towers, including 39 townhouses, five villas, 744 apartments and 55,000 sqft of retail space. The project, which has a gross floor area of 1.18 million sqft and built-up of approximately 2 million sqft, is valued at approximately Dh1.6 billion.
The project, which overlooks the Dubai Autodrome, also has state-of-the-art sound insulation.
A 450m long sky garden, located on the podium level of the development, will connect the development’s townhouses, villas and apartments.
Amer Khansaheb, Board Member and Managing Director of Union Properties, said: “The launch of Takaya is a symbolic moment for Union Properties. It underscores the ongoing success of our turnaround strategy that has enabled us to return to the market with such a unique and high-quality mixed-use real estate offering, in a premium and highly sought-after area of Dubai.
“Having successfully completed our debt restructuring, and with an attractive land bank and deep expertise in real estate development, Union Properties is now well positioned to capture further opportunities in the UAE’s thriving real estate market.”
Construction of the project, which is currently undergoing regulatory approvals, is expected to commence during the third quarter of 2023, with the handover of units expected in the fourth quarter of 2025.
