Union Properties will send tender documents out to contractors for its Dh400 million, 271-unit Oia project in November, with a view to starting construction in Dubai's Motor City in January next year, according to the general manager Ahmad Al Marri.
The project is one of three that Union announced at Cityscape last year. Together they are worth a combined Dh2.18bn.
“As per the demands in the market, we changed a little bit our strategy,” Mr Al Marri said at this year’s event.
He said that it had decided to move its Dh680m Green Community West project forwards first. The project is an extension of the existing Green Community at Dubai Investments Park close to the Dubai South district. Shapoorji Pallonji was appointed as main contractor for the plan in June.
Oia will be the next to be brought forward, Mr Al Marri said. Off-plan sales for the project, which comprises 152 villas and 127 apartments ranging from one to four bedrooms, will get under way in the first quarter of next year.
According to Reuters, Union Properties is in talks for a US$125m loan to fund the project, but the size of this may be reduced depending on the level of off-plan sales.
The last – and largest – of the projects is Vertx. It is a five-tower complex in Motor City and has a development value of Dh1.1 billion.
“According to our diagnostic studies of the market, we delayed a little bit the Vertx towers,” Mr Al Marri said, saying it was the most expensive to develop. It has instead been broken into phases, with phase one consisting of the two tallest towers of 45 and 30 storeys.
“We are in the final terms of design,” he said, adding that it does not expect to solicit tender bids for the project until late next year.
mfahy@thenational.ae
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