Union Properties has announced the launch of its new mix-use project, Takaya, in Dubai’s Motor City.
Takaya sets a new standard in the mid-to-high range property segment, promising exceptional living experiences for its residents.
The company will construct the project over a plot area spanning 436,175 sq ft overlooking the Dubai Autodrome, and will include a 500-metre retail boulevard.
Union Properties’ Takaya development comprises three residential towers featuring 744 affordable luxurious homes in a mix of studio, one-, two-, and three-bedroom apartments.
The development will include penthouses, townhouses and villas, alongside commercial space.
Features of the development also includes outdoor sports courtyards, a leisure pool, kids’ pool, jogging track, kids’ play area, multipurpose rooms at each tower, an arcade lounge, co-working spaces, a cinema/AV room, and more.
The ground floor of each tower hosts a mix of retail outlets, food and beverage establishments.
In contrast to other properties in the market, Takaya offers spacious living areas with attractive, post-handover payment plans.
The development, worth approximately AED 2bn ($545m), will provide a prestigious living experience for residents.
“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.”
Amer Khansaheb, CEO, Union Properties
Developments like Takaya by Union Properties greatly contribute to Motor City’s market value and status by complementing current market offerings.
Over the last three quarters, Motor City has experienced a sharp rise in real estate transactions and a notable acceleration of market momentum.
Recent off-plan projects have experienced strong demand, which has a positive impact on the appreciation of property values.
Overall, 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 $0.7tn by 2024.
Between 2024 and 2028, an annual growth rate of 3.03% is expected, resulting in a market volume of $0.80tn by the latter year.
It comes as the Dubai property market boomed throughout July. Sales volumes have skyrocketed by 46% from last year, totalling 14,774, based on Dubai Land Department data.
