Dubai developer Union Properties says 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. It has not named a main contractor as yet.
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. The company did not disclose any further details.
The company also denied reports that it was to borrow $700 million to fund new projects.
In March, Union Properties proposed a 3 percent, or AED0.03 per share, cash dividend and a 5 percent bonus share issue for 2014, its first cash dividend since 2002.
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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