Page 24 - UNION PROPERTIES GENERAL - February 2024

Dubai’s Union Properties sells Dh500m in land

disposal, and has offers for another Dh1 billion

February 26, 2024

in Dubai, UAE

Reading Time: 2 mins read
Union Properties is selling off non-core land assets and is receiving substantial financial

support.
The Dubai developer has reached a ‘significant milestone’ in the turnaround strategy and

has already sold assets worth over Dh500 million. “This achievement highlights Union
Properties’ strategic vision, robust market positioning, and commitment to maximizing

shareholder value,” stated the statement.
Equally significant, the business is sorting through Dh1.2 billion of offers for other land
sales.

“The company has capitalized on productive opportunities in the Dubai real estate market
to achieve this milestone,” said the statement.
Sell some – and retain the rest
“We are planning more strategic divestments as we navigate the dynamic market

landscape,” said Amer Khansaheb, Managing Director. “In line with the 5-year strategy
we set in 2023, we will retain approximately 10 million square feet of GFA from our current

portfolio for self-development.
“These efforts will pave the way to fostering sustainable growth.”

“The successful sale of lands exceeding Dh500 million reflects our belief in the strength
of our portfolio and our ability to generate sustainable returns”– Amer Khansaheb of Union
Properties

The fact that land values in Dubai have increased dramatically over the past two years—
a phenomenon that is observed throughout the entire city—helps UP’s cause. Over the

years, Union Properties has amassed a sizable land bank, many of which are situated in
rapidly developing areas of Dubai. and the location of an upcoming crop of freehold

developments.
As per a property analyst, the developer will also benefit from a reduced land bank. “UP

given its funding situation will do better taking on strategic projects, any other land bank
or built assets can be sold and help with the cash flow.”
Wins on other fronts

https://www.propertynews.ae/uae/dubais-union-properties-sells-dh500m-in-land-disposal-and-has-
offers-for-another-dh1-billion/