Union Properties, a prominent real estate developer in Dubai, has announced a major return to the market with the launch of its Dh1.15 billion Takaya project in Motor City. This launch not only signals a significant new development in one of Dubai’s mid- to upper-mid-range residential hotspots but also marks a crucial step in the company’s ongoing recovery after several challenging years.
A Fresh Start for Union Properties
Union Properties, which has been a key player in Dubai’s real estate scene, experienced a rough patch in the last few years. The company faced increasing losses between 2021 and 2022, leading to the dismissal of its previous management board. In the aftermath, a new leadership team was brought in with the primary goal of restructuring and revitalizing the business. Under the leadership of CEO Amer Khansaheb, Union Properties has been implementing a comprehensive three-year turnaround plan, focused on reducing expenses and raising capital through strategic sales of non-core assets.
Now, the Takaya project in Motor City represents a fresh chapter for the company. Union Properties is betting on this development to drive growth and reestablish its position in Dubai’s highly competitive real estate market.
View Property: Takaya at Motor City by Union Properties in Dubai
Key Details of the Takaya Project
The Takaya project in Motor City is priced at Dh1.15 billion, with financing being sourced from the company’s own funds along with bank loans. This ambitious project aims to offer affordable residential options, which is something Union Properties is hoping will resonate well with Dubai’s growing demand for mid-range housing.
Studios in the Takaya project are listed for Dh750,777 and come with a flexible three-year post-handover payment plan. This pricing makes the development an attractive option for first-time buyers or investors looking to tap into Motor City’s established reputation as a desirable and family-friendly residential area.
Motor City, known for its mix of mid- to upper-mid-range residential units, already enjoys a strong demand from those seeking affordable yet well-located homes in Dubai. Union Properties aims to leverage this demand and position the Takaya project as a key player in this sector, offering both quality and affordability.
View Property: Takaya at Motor City by Union Properties in Dubai
The Road to Recovery
The launch of the Takaya project in Motor City highlights Union Properties’ renewed focus on growth and innovation in the real estate market. After years of financial struggles, the company is eager to prove that it has emerged stronger and more resilient. The Dh1.15 billion project is a significant investment and demonstrates the company’s confidence in its future success.
Union Properties has been working diligently to restructure its operations and improve its financial standing. Key strategies have included negotiating more favorable loan repayment terms with lenders and selling non-essential assets to free up capital. These efforts are paying off, with the company now positioned to take advantage of new opportunities in the market.
As CEO Amer Khansaheb explained, “The launch of the ‘Takaya’ project is in line with our long-term growth objectives, further reinforcing our commitment to delivering superior quality for customers. By leveraging our extensive industry expertise and market insights, we look forward to capitalising on new opportunities in the real estate market and future-ready liveable environments.”
View Property: Takaya at Motor City by Union Properties in Dubai
Future Prospects for Union Properties
The Takaya project is just the beginning of what Union Properties hopes will be a series of successful real estate ventures. With the company’s focus on providing high-quality yet affordable housing, it is well-positioned to capture a significant share of the market, especially as demand for mid-range residential units in Dubai continues to grow.
Union Properties’ stock is currently trading at Dh0.33 on the Dubai Financial Market, compared to its 52-week low of Dh0.27 and high of Dh0.46. Investors will be watching closely to see how the Takaya project performs and whether it can contribute to the company’s projected Dh200 million profit.
View Property: Takaya at Motor City by Union Properties in Dubai
Conclusion
Union Properties’ Takaya project in Motor City marks a crucial moment in the company’s recovery and return to real estate development. With a Dh1.15 billion investment, the project reflects the developer’s confidence in the growing demand for affordable residential options in Dubai. As Union Properties continues its restructuring efforts, the success of the Takaya project will be a key indicator of the company’s future in the market.
For potential homeowners and investors, the Takaya project offers a unique opportunity to own property in one of Dubai’s most sought-after residential destinations, with pricing and payment options that make it an attractive option for many.
