Page 22 - UP PR REPORT - MAY 2025

5/12/25, 10:05 AM Union Properties slashes more debt, eyes new projects after strong Q1

The Q1 results are the latest in a string of developments that reflect a more decisive turnaround phase for the company. In recent months, Union Properties sold off land parcels for Dh1.3
billion—part of its five-year strategy first announced in April 2023. The proceeds, the company stated, are being allocated towards debt settlement and covering upfront costs for new real
estate projects.
Union Properties has also made a return to off-plan development with the launch of its Takaya project in Motor City, its first such project in years. Two additional projects are reportedly close
to launch, with the company retaining approximately 10 million square feet of gross floor area (GFA) in land for future development.

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While Q1 administrative expenses were higher, Union Properties attributed this to increased marketing and sales efforts linked to upcoming project launches. The company is also actively
exploring options to boost liquidity and maximise asset value, moves it says are critical for staying agile in Dubai’s highly competitive property sector.
The steady improvement in key financial metrics, combined with its ongoing deleveraging and new development activity, puts Union Properties in a stronger position to capitalise on the
continued strength of Dubai’s real estate market.

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