First Project, ‘Takaya,’ to Be Announced Soon.
Dubai: Union Properties has announced plans to launch three major development projects in Dubai, collectively valued at Dh6 billion. The first project, Takaya, is set to be revealed in the coming weeks, while the remaining two projects will be introduced over the next 18 months, according to Al Khaleej.
The developer has also made significant strides in improving its financial stability. Union Properties has reduced its debts by 50%, bringing them down from Dh1.5 billion to Dh750 million. CEO and board member Amer Khansaheb revealed that the company aims to cut this further to Dh400 million by the end of 2024, representing a total debt reduction of 73.3%.
Khansaheb credited strategic measures such as enhanced asset management efficiency and the sale of land holdings worth up to Dh1 billion for bolstering the company’s financial health.
Details of New Projects:
Takaya:
The first project, Takaya, will feature three towers of varying heights, comprising 744 residential units, 39 townhouses, and five standalone villas. It will also include 55,000 square feet of retail space, spread across a total area of 440,000 square feet with a construction area of 1.2 million square feet. The estimated investment value for Takaya is Dh2 billion, with further details expected soon.
Second Project:
The second project will consist of four towers interconnected by a podium, with approximately 3% of the area allocated to retail space. This project also carries an investment value of Dh2 billion.
Third Project:
Currently, in the study and design phase, the third project has a projected investment of Dh2 billion. Khansaheb highlighted the strong growth of Dubai’s real estate sector since 2022, driven by increasing demand for both residential and investment properties across diverse nationalities. He noted, “The UAE government’s strategic initiatives to enhance the local investment environment, attract capital, and foster global partnerships have significantly boosted the sector’s growth.”
Union Properties continues to position itself as a key player in Dubai’s thriving real estate market, leveraging its robust financial strategies and visionary projects to meet growing demand.
