Dubai developer Union Properties has announced its plans to launch three new development projects with a total value of Dh6bn.
Eng. Amer Khansaheb leads Union Properties PJSC’s operations, managing a portfolio that includes subsidiaries such as Dubai Autodrome, ServeU, EDACOM, The Fitout, and GMAMCO.
The first project, Takaya, will be announced in the coming weeks, while the other two projects will be unveiled within the next 18 months.
Spanning 436,175 sq ft, Takaya features three residential towers with 744 luxurious yet affordable apartments.
The development also includes various units ranging from studios to four-bedroom apartments, penthouses, townhouses, villas and commercial spaces.
The Takaya project is designed to enhance Motor City’s master community by offering innovative amenities that appeal to investors and meet various customer needs. It has an estimated investment value of Dh2bn.
The second project will feature four towers connected by a podium, with about 3% dedicated to retail space, also at an investment cost of Dh2bn.
The third project is still in the design phase. It has an estimated investment value of Dh2bn.
“Since 2022, the real estate sector has experienced strong growth across various fields, driven by increased demand for property ownership, both for residential and investment purposes, by diverse nationalities. This surge has been supported by the UAE government’s strategic initiatives to enhance the attractiveness of the local investment environment, attract capital, and foster major global partnerships.”
Amer Khansaheb, CEO, Union Properties
Union Properties PJSC demonstrated continued strong performance in the second quarter of 2024, achieving a net profit of AED 18.3m.
“The remarkable second quarter financial results, fuelled by high property sales and Dubai’s real estate market uptrend, reflect our dedication to excellence and strategic growth. These achievements underscore our ability to navigate complex business dynamics.
“With visionary leadership and an innovative strategy, we aim to solidify our position in the UAE’s real estate sector and to launch projects worth AED 5 billion in the short to medium term.”
Amer Khansaheb, CEO, Union Properties
