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Tue 10 Mar 2015 12:05 PM

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Dubai's Union Properties proposes first cash dividend since 2002

Developer to focus its efforts on developing the Motor City area as appetite returns for properties in more remote locations

Dubai's Union Properties proposes first cash dividend since 2002

Dubai real estate firm Union Properties said on Tuesday its board had proposed a 3 percent, or AED0.03 per share, cash dividend and a 5 percent bonus share issue for 2014.

It would be the company's first cash dividend since 2002, according to Thomson Reuters data. The company last issued bonus shares for 2013, a 5 percent issue.

In September last year, Union Properties announced it is planning to focus its efforts on developing the Motor City area as appetite returns for properties in more remote locations.

Two of the three developments the firm showcased at Cityscape 2014 were in Motor City, including the $300 million Vertx - a 1.3 million square foot scheme containing five towers of between 45 and 30 storeys linked by a podium. It will house over 700 apartments and 66,000 sq ft of retail space.

The other Motor City-based project is phase three of the Green Community. Phases two and three will be developed together, comprising a total of 152 and 127 apartments. This project, worth $108.9 million, is being developed for client National Bonds.

The third was an extension of the Green Community West at Dubai Investment Park. This $185 million project will contain 210 villas and 16 apartments overlooking a lake.

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