Union Properties Unveils Three New Dubai Projects in Dh6 Billion Deal

Union Properties, a prominent real estate developer based in Dubai, has announced the initiation of three new projects worth a substantial Dh6 billion. This declaration was made on Wednesday, with plans for the first project, named “Takaya,” set to be unveiled in the coming weeks. The developer also indicated that details of the other two projects would be disclosed within the next 18 months. 

In a strategic move to enhance its financial position, Union Properties revealed that it has successfully reduced its debt by 50%, from Dh1.5 billion to Dh750 million. The company aims to further decrease this figure to Dh400 million by the end of 2024, marking a significant total reduction of 73.3%. Amer Khansaheb, CEO and board member of Union Properties, attributed this achievement to improved asset management efficiency and the sale of a portion of the company’s land holdings, which were valued at up to Dh1 billion.

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The first project, Takaya, will feature three towers of varying heights, alongside 39 townhouses and five standalone villas. It will consist of a total of 744 residential units and 55,000 square feet of retail space. With a total construction area of 1.2 million square feet and an estimated project area of 440,000 square feet, the anticipated investment for Takaya is around Dh2 billion. The second project, which also carries an investment cost of Dh2 billion, will include four towers connected by a podium, with approximately 3% of this project allocated for retail space. Meanwhile, the third project is currently in the study and design phases and is estimated to be valued at Dh2 billion as well. 

With these developments, Union Properties aims to reinforce its market position and respond to the growing demand for residential and commercial spaces in Dubai. The company’s proactive approach to reducing debt and enhancing asset management reflects its commitment to financial stability and long-term growth in a competitive real estate landscape.

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