Union Properties has said 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 earlier this week 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.
Al Marri told Construction Week Online that Union Properties was planning to tender all three projects in October or November, with a view to starting on site during the first quarter of 2015.
Both Green Community projects are due to complete in the final quarter of 2016, while Vertx Tower will be delivered by February 2018.
He also acknowledged that Motor City needed to offer more services such as hotels - three are planned for a future phase - as well as a reconfiguring of the $245 million Automall to change it from a motor-themed venue to a general mall.
This, coupled with more leisure units, will better serve some of the 15,000 residents that already live in the area, he said.
"The time now has come to establish retail, entertainment and hotels. That area needs hotels. It needs entertainment for the clients and tenants already there."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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