Developer Launches Amid Strong Dubai Offplan Sales Growth
Dubai: Union Properties, a prominent Dubai developer, has taken decisive steps to revitalize its project portfolio and advance its comeback story.
The company has broken ground on a Dh2 billion mixed-use development in Motor City, named ‘Takaya,’ overlooking the Dubai Autodrome. The project will feature mid-to-high range residential units, marking the developer’s return to offplan launches after a hiatus spent focusing on financial and operational recovery. This comes as Dubai’s offplan sales continue to set new records, with 2024 poised to be the best year yet.
The Takaya project will include three residential towers housing 788 units and a 500-meter-long shopping boulevard. Union Properties has a proven track record of developing mixed-use communities, and Takaya aligns with this strength. Motor City, already a vibrant community, is known for its retail and F&B offerings, adding appeal to the new development.
Current property listings on Bayut show studio units in Motor City starting at Dh570,000, while one-bedroom units begin at Dh900,000. Rental prices for one-bedroom units are listed at Dh83,000 annually, and two-bedroom units at Dh135,000.
Union Properties’ Stock Performance:
Union Properties’ stock has seen an active trading phase on the Dubai Financial Market (DFM). The share price recorded a nearly 10% single-day gain recently and has increased by 12.5% over the past one and six months.
“Shareholders maintain confidence in the current management’s ability to resolve legacy challenges,” said an analyst. “Union Properties’ valuable land bank and community-focused project strategy remain key strengths. If Takaya succeeds, it could provide the company with the leverage to pursue further growth.”
Union Properties’ share price currently stands at Dh0.40.
