Dubai's Union says to develop new projects worth $544m

Developer Union Properties plans to build three new projects but provides no further details
Dubai's Union says to develop new projects worth $544m
By Staff writer
Wed 22 Jul 2015 03:20 PM

Dubai's Union Properties plans to develop three new projects worth two billion dirhams ($544.5 million), it said in a bourse filing on Wednesday.

The developer provided no other details. Shares of Union Properties declined 1.6 per cent to 1.23 dirhams at the close on Wednesday, prior to the release of the filing.

In April, Union Properties said construction work on phase three of its Green Community expansion project will begin in earnest in July.

The developer broke ground on the project in January with Wade Adams awarded the contract for enabling works. Dewan Architects and Engineers are the lead consultants on the project.

In a statement to the Dubai bourse, the company stated that work on 226 villas and apartments in the Green Community would be started in July, while another 271 homes would be finished in the Motor City complex by 2017.

The company also said that it planned to start building five towers with 700 residences in total, which are due for completion in 2019.

Union Properties said in March 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.

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