Union Properties to construct five residential towers in Dubai
Towers comprising up to 55 units in Dubai Motor City will be launched at Cityscape 2014
Dubai-based Union Properties will launch five high-rise towers at its Motor City development during the upcoming Cityscape Global 2014 exhibition, sources within the company have exclusively told Big Project ME.
Marwan Hatahet, the project manager in charge of construction work at the Vertx Towers project, said the community’s masterplan includes allocations for high-rise towers and the company will shortly announce its plans for the same.
“The towers will be G+45, G+30, G+35, G+25,and G+20 tall, and the masterplan approved by the Dubai Municipality includes plots for these,” Hatahet said.
“The towers are planned to be residential units. Motor City is a work in progress and will gradually peak to its full potential.”
Hatahet also elaborated on the ongoing ‘The Ribbon’ project at Motor City, a retail development comprising four buildings, which will house up to 11 commercial units, one supermarket and 16 food and beverage units.
“We are expecting construction completion of The Ribbon by March 2015 and there does not appear to be any delays in the schedule. Fit-out contractors will be handed over the units after testing and commissioning of the buildings has been completed,” Hatahet said.
Future projects at Motor City will be designed and constructed based on “client approval”, the project manager added.
In August 2014, Dubai Islamic Bank signed a refinancing deal worth $98 million with Union Properties after the developer announced full repayment of its legacy debt worth $1.9 billion.
Hatahet did not comment on whether this deal would accelerate the planned projects for Motor City.
“Further development at the community depends on client approval, which will come through after the board members have considered their funding options,” Hatahet said.
Cityscape Global 2014 will be held at Dubai World Trade Centre between 21 and 23 September 2014.
