Union Properties Announce $544 Million New Project
- Business Companies Real Estate Regional
Global Business Magazine- 5 minutes read
Dubai-based real estate firm Union Properties on Thursday announced the launch of $544 million ‘Takaya’ mixed-use project in Dubai Motor City, the company’s latest milestone in Dubai’s real estate landscape designed to redefine sophisticated urban living.
Takaya is constructed over a plot area spanning 436,175 sq. ft., overlooking the Dubai Autodrome, along with a stunning 500-metre retail boulevard. It comprises three residential towers with 744 affordable luxurious apartments.
It also offers competitive unit sizes (studio, 1, 2, 3 bed rooms) and pricing, making it a compelling market choice., along with penthouses, townhouses, villas, and commercial space, the company said in a regulatory filing with Dubai Financial Market (DFM), where its shares are traded.
In contrast to other properties in the market, Takaya offers spacious living areas with attractive, post-handover payment plan. From sleek finishes to state-of-the-art amenities, the development, is set to provide a prestigious living experience for residents.
Speaking at the launching ceremony, Union Properties CEO Amer Khansaheb highlighted how the project demonstrated the company’s steadfast dedication to advancing Dubai’s real estate sector. The Takaya project aims to enrich the offerings provided within the Motor City’s master community, while also delivering novel and distinctive amenities that will attract investors and fulfil diverse customer needs.
He said that the eagerly awaited ‘Takaya’ project reflected their unwavering commitment to innovation, sustainability and excellence. They were driven by the mission of creating exceptional living experiences for customers through our several unique projects.
“The launch of ‘Takaya’ project is in line with our long-term growth objectives, further reinforcing our commitment to delivering superior quality and unparalleled value for customers. Our overarching objective is to create a vibrant residential community overlooking the one and only one Dubai Autodrome, which will redefine the standards of modern urban living,” he added.
Strong Demand in Motor City
According to Dubai Land department (DLD) data, Motor City has experienced a sharp rise in real estate transactions and a notable acceleration of market momentum over the last three quarters. Recently launched off-plan projects in Motor City have experienced strong demand, which has a positive impact on the appreciation of property values.
Moreover, the UAE’s Real Estate market is anticipated to continue its strong performance in the coming years with projections pointing towards an astounding value of $700 billion by 2024. Between 2024 and 2028, an annual growth rate of 3.03% is expected, resulting in a market volume of $800 billion by the latter year.
With sustainability as one of its prime focus, Union Properties is contributing towards mitigating the challenges posed by climate change and other environmental hazards. The integration of sustainable materials and designs ensures longevity, lowers environmental impact and reduces utility costs of the development.
Takaya has been designed with high-performance facades that exceed green building guidelines and makes use of a large plot of approximately 450,000 sq. ft. to create parks, a large central garden and other green spaces.
Takaya’s unbeatable launch payment plan, which is 60% due within three years of construction and 40% due in three years’ post-handover, provides investors and end users with further cash flow flexibility.
Union Properties’ efforts to reduce operational costs also provide the residents with a sustainable savings option, that supports value appreciation with time. The handover date for this flagship project is expected to be in Q4 of 2027.
The company aims to accomplish several ambitious objectives, such as the launch of $1.63 billion projects just in the next 18 months. With a strategic vision and a strong commitment to excellence, ‘Union Properties’ is well-positioned to leverage new opportunities and play a pivotal role in Dubai’s thriving real estate sector by adding to the city’s extensive property portfolio.
