Dubai-based developer Union Properties has unveiled a Dh1.6 billion ($435 million) development in Motor City, which is “symbolic of its turnaround strategy”, the company said.
The development, called Takaya, has 788 units across three towers including 39 townhouses, five villas, 744 apartments and 55,000 square feet of retail space.
Overlooking Dubai Autodrome, it will include a 450m podium level sky garden that will connect the townhouses, villas and apartments, plus electric vehicle charging stations and state-of-the art sound insulation.
The developer swung to a profit in the third quarter of 2022 as its turnaround and debt restructuring strategies built momentum amid a rapid recovery in the emirate's real estate market.
The company posted a net profit for the three months to the end of September of Dh825,000 ($224,640), compared with a loss of more than Dh31 million in the same period a year ago.
“The launch of Takaya is a symbolic moment for Union Properties,” said Amer Khansaheb, board member and managing director of Union Properties.
“It underscores the ongoing success of our turnaround strategy that has enabled us to return to the market with such a unique and high-quality mixed-use real estate offering, in a premium and highly sought-after area of Dubai.
“Having successfully completed our debt restructuring, and with an attractive land bank and deep expertise in real estate development, Union Properties is now well positioned to capture further opportunities in the UAE’s thriving real estate market.”
The project, which Union Properties said is currently undergoing regulatory approvals, is expected to commence construction during the third quarter of 2023, with the handover of units expected in the fourth quarter of 2025.
Dubai's property market has registered significant gains in both rents and prices this year amid the wider economic recovery in the UAE following the Covid-19 pandemic
On an annual basis, average villa rents were up 22 per cent while average apartment rents rose 15 per cent in the third quarter, according to property consultancy Asteco.
Apartment prices in Motor City rose 1.5 per cent in October to Dh668 per square foot, CBRE data showed. Average rents in the district stood at Dh66,593 — a rise of 3.4 per cent month on month.
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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%3Cp%3E%E2%80%A2%20Looming%20global%20slowdown%20and%20recession%20in%20key%20economies%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Russia-Ukraine%20war%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Interest%20rate%20hikes%20and%20the%20rising%20cost%20of%20debt%20servicing%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Oil%20price%20volatility%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Persisting%20inflationary%20pressures%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Exchange%20rate%20fluctuations%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shortage%20of%20labour%2Fskills%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20A%20resurgence%20of%20Covid%3F%3C%2Fp%3E%0A
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Gulf Men's League final
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5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
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The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
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