National Properties, a subsidiary of the UAE's National Bonds Corporation has signed an agreement with Union Properties to develop an upscale project at the Green Community in Motor City.
Under the agreement, National Properties will develop the integrated project in two phases that will include high-end homes and luxury villas, the company said in a statement on Monday.
Work on the project is set to begin in the second quarter of 2014 and is expected to be completed in end 2015.
The statement said sales would be launched to investors later this year.
The first phase of the project will focus on the construction of 78 luxury villas that will spread across an area of 330,000 sq ft, while the second phase will include 74 luxury villas and 58 apartments across six floors spanning 425,000 sq ft.
Mohammed Qasim Al Ali, general manager of National Properties, said: "We are confident that our strategic agreement with Union Properties to develop a quality project will complement the vision and objectives of the Green Community in Motor City.
"National Properties will focus on innovative design in this project that reflects upscale modern living and is consistent with the aspirations and developments of a contemporary Dubai."
Ahmad Khalaf Bin Touq Al Marri, general manager for Union Properties, added: "The agreement with National Properties underlines our strategic goals that are consistent with the economic growth Dubai is currently witnessing. We strive to build and strengthen customer trust by offering superlative quality in our project and service offerings."
National Properties has also implemented projects such as Skycourt Towers and the Andalucía Collection villas at Dubailand.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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