Page 22 - UNION PROPERTIES PR REPORT - October 2024_Neat

10/16/24, 10:06 AM Union issues clarification on Takaya financials - Construction Week Online
“In addition, the total project value […] is the value of the project in its entirety,” it
added. saying that not all units will be up for sale as part of a strategy to retain
ownership of some units to create annual recurring income for the company.

“Therefore, the calculation of the value of the project should not be viewed as an
addition of the construction cost and the estimated profitability only and separately.

What is Takaya?

Takaya is Union Properties’ new mixed-use residential development project in Dubai
Motor City.

According to the developer, it caters to the mid-to-high range segment and is
constructed on a 40,500-square-metre plot overlooking the Dubai Autodrome and a
500-metre retail boulevard.

The project is worth approximately $544.5 million (AED2 billion). Handover is expected
in Q4 2027. Construction is planned to start on 31 October 2024.

It consists of three residential towers with 744 apartments that fall in the affordable
luxury category, ranging from studio to three-bedroom units, as well as penthouses,
townhouses, villas and commercial space.

Along with Takaya, Union Properties has disclosed an upcoming pipeline of projects
worth $1.63 billion (AED6 billion) planned for the next 18 months.

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