Potential developers and investors can submit requests for prequalification up until December 3
Dubai’s Roads and Transport Authority (RTA) has started the prequalification stage for developers and investors interested in bidding for the construction of the Union Oasis project in Deira.
The RTA will be receiving requests for prequalification of developers and investors, and these can be submitted until December 3, said Abdul Mohsen Ibrahim Younes, CEO of the RTA’s Rail Agency.
The RTA will hold individual meetings with developers this month to discuss the prequalification and the outlines of the tender, he added.
Prequalification documents and the project information kit can be obtained either through downloading from the RTA website, or via e-mail request to email@example.com.
The “RTA is keen on enhancing the attractiveness and feasibility of the project. In this regard, it would be flexible in dealing with the private developer in regards to the partial postponement of the land rental payment to make it proportional to the occupation rates during the first seven years. The private developer is no longer required to pay the land rental during the construction process,” Younes said.
The government body will also be flexible with developers and investors in developing new design techniques or models for the project to maximise profitability.
The Union Oasis project will see the construction of mixed-use towers above the Union Square Metro Station, spanning an area of about 15,000sqm.
The project is a transit-oriented development, focusing on developing Union Square. It will be built following a public-private partnership model, wherein the RTA will offer the land on lease to potential developers or investors for a period of 30 years from the date of signing the contract, with a three-year grace period for construction work.
The RTA will enter into agreement with a private developer that will be responsible for designing, building, financing, managing, and operating the mixed-use project. The developer will then be entitled to use the income generated from the project. Meanwhile, the RTA will receive a return against the utilisation of land.