Page 68 - UNION PROPERTIES PR REPORT- December 2024

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