Developer says share equity surged to $123mn as compared to 2017’s figures
Union Properties, the UAE-based real estate developer, has reported a net profit of $15 million for 2018, a 19% increase over the previous year, when the company had registered a loss of $645.2 million.
In a statement, the developer said that shareholder equity had also surged by $123 million as compared to 2017’s figures. The reported profit is a testament to the company’s performance and the new management’s vision to achieve profitability within one year, it added.
Formed in 1987, Union Properties is a leading player in the UAE property development market. A publicly listed company, its headquarters are in Dubai and it currently employs more than 6,000 people.
It has overseen the successful delivery of more than 10,000 residential, commercial and retail units in the city. Its portfolio includes UP Tower, Index Tower, Limestone House, Dubai Autodrome, Green Community and Uptown Mirdif.
In 2017, it announced its Phase Two masterplan for Dubai Motor City, which comprises of a wide range of residential properties, recreational facilities and business units. The development is also home to Dubai Autodrome, which is the UAE’s first fully integrated multipurpose motorsports circuit, the developer added.
A Cityscape Global 2018, the developer unveiled its $680 million mixed-use urban lifestyle destination, Avenue District. Part of the Motor City Phase Two development, Avenue District will be the developer’s flagship project. It will span more than two million square feet and will feature a mix of residential units and the One Avenue Mall.
The lifestyle-focused retail venue will cover over a million square feet with diverse entertainment and retail options as well as an F&B mix. The first residential community in Avenue District, 313 Avenue, will comprise 67 studios, 156 one-bedroom apartments and 166 two-bedroom apartments. The contemporary low-rise will also have a 52,000sqft retail centre situated at the ground level of the building for daily retail needs.
The company has 11 subsidiaries, including a facilities management firm (ServeU) and an interior company, The Fitout, the statement concluded.