Page 68 - UNION PROPERTIES PR REPORT- December 2024
P. 68

12/26/24, 9:14 AM                      Union Properties breaks ground on its AED 2 bn Dubai-based development





































                        REAL ESTATE-


                      #1-  Dubai-based Union Properties broke ground on AED 2  bn

                      Takaya,  a mixed-use development in Dubai Motor City,  according to a
                      press release (pdf ).  The development will house 788       residential units,

                      including studios,  one- to three-bedroom apartments,  penthouses,
                      townhouses,  and a 500    m retail boulevard.



                      Remember- The project is slated for handover in 4Q  2027,          with the
                      company expecting to generate AED 200         mn in net income from the
                      project starting in 2025.   The company has two more AED 2 bn projects

                      in the pipeline,  with the second project consisting of four towers

                      linked by a podium with 3%  of retail space,  and the third project still
                      in the design and planning phase.


                      Debt settlement cleared the path for Motor City expansion: Earlier

                      this year,  Un ion Properties settled AED 850    mn in debt with Emirates
                      NBD and Dubailand that it had accumulated during the 2009             property

                      market correction,  securing a no-objection certificate from Dubailand
                      to repurpose Motor City for new projects.








      https://enterprise.news/uae/en/news/story/10fbd094-b63b-4902-9449-b681024d409d/union-properties-breaks-ground-on-its-aed-2-bn-dubai-based-de…  2/6
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