Developer’s Launch Aligns with Strong Dubai Offplan Sales
Dubai: In a renewed push for growth, Union Properties has broken ground on a Dh2 billion mixed-use project in Motor City—‘Takaya’—overlooking the Dubai Autodrome. The developer, which had scaled back offplan launches in recent years to focus on financial recovery, is now returning to the spotlight as offplan sales in Dubai continue to set records.
Takaya: A Three-Tower Development:
Takaya will comprise three residential towers with 788 units, plus a 500-meter-long shopping boulevard. Union Properties has a proven track record in delivering mixed-use communities, and this project is expected to reinforce Motor City’s appeal, which already boasts popular retail and F&B destinations.
Property Prices and Rental Trends:
According to the Bayut portal, a studio unit in development at Motor City is listed at Dh570,000, while one-bedroom units start from Dh900,000. Current rental prices show one-bedroom units at Dh83,000 and two-bedrooms at Dh135,000.
Stock Performance:
On the DFM, Union Properties’ share had a particularly active trading month, with gains approaching 10% in a single day. Over both one- and six-month periods, the stock is up 12.5%. “Shareholders remain confident that this management team can finally resolve legacy issues,” said one analyst. “Union Properties owns a valuable land bank, and community-focused projects have long been part of its strategy. If Takaya succeeds, it could pave the way for further growth.”
Currently, the stock is trading at Dh0.40.
