Union Properties focuses on retail and residential
Construction work on The Ribbon is set to begin next month
Union Properties (UP) is focusing on developing new projects after successfully reducing its liabilities and closing its debt.
“We are focusing to increase our retail and residential. We are planning also to build hotels in Motor City – there are three hotels in our pipelines, in the same area,” UPs’ general manager, Ahmad Khalaf, said.
The company is working on completing the first phase of the expansion of Uptown Mirdif. The second phase of the retail development will begin this year, Khalaf said.
UP will commence work on another retail project, The Ribbon, with construction work to begin next month by Fujairah National Construction.
On the residential front, 1,000 new units will be added to the company’s portfolio with the completion of five high rise towers in Motor City that are now in the final stages of design.
According to Khalaf, in 2013, Union Properties settled $598mn (AED2.2bn) of debt through property swaps with Emirates NBD.
“In the past two years, Union Properties has been planning to reduce the liabilities and close the debt of the bank,” he said. All legal cases with contractors and investors have also been settled, he added.
“During 2013, we went back to planning for developing new projects for the company.”
Earlier this year, the Dubai-based real estate developer reported that its net profit jumped more than eight-fold to $430.2mn (AED1.58bn) in 2013.