Dubai-based developer Union Properties has unveiled a Dh1.6 billion ($435 million) development in Motor City, which is “symbolic of its turnaround strategy”, the company said.
The development, called Takaya, has 788 units across three towers including 39 townhouses, five villas, 744 apartments and 55,000 square feet of retail space.
Overlooking Dubai Autodrome, it will include a 450m podium level sky garden that will connect the townhouses, villas and apartments, plus electric vehicle charging stations and state-of-the art sound insulation.
The developer swung to a profit in the third quarter of 2022 as its turnaround and debt restructuring strategies built momentum amid a rapid recovery in the emirate's real estate market.
The company posted a net profit for the three months to the end of September of Dh825,000 ($224,640), compared with a loss of more than Dh31 million in the same period a year ago.
“The launch of Takaya is a symbolic moment for Union Properties,” said Amer Khansaheb, board member and managing director of Union Properties.
“It underscores the ongoing success of our turnaround strategy that has enabled us to return to the market with such a unique and high-quality mixed-use real estate offering, in a premium and highly sought-after area of Dubai.
“Having successfully completed our debt restructuring, and with an attractive land bank and deep expertise in real estate development, Union Properties is now well positioned to capture further opportunities in the UAE’s thriving real estate market.”
The project, which Union Properties said is currently undergoing regulatory approvals, is expected to commence construction during the third quarter of 2023, with the handover of units expected in the fourth quarter of 2025.
Dubai's property market has registered significant gains in both rents and prices this year amid the wider economic recovery in the UAE following the Covid-19 pandemic
On an annual basis, average villa rents were up 22 per cent while average apartment rents rose 15 per cent in the third quarter, according to property consultancy Asteco.
Apartment prices in Motor City rose 1.5 per cent in October to Dh668 per square foot, CBRE data showed. Average rents in the district stood at Dh66,593 — a rise of 3.4 per cent month on month.
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Dubai property rents: where they rose and fell in Q3, 2022
