Staff Report
Dubai, UAE
Union Properties PJSC has officially launched its new Takaya project in Dubai Motor City. Takaya is a mixed-use development valued at approximately Dh2 billion. It covers a plot area of 436,175 square feet comprising residential and retail spaces. The project includes a 500-metre retail boulevard and 744 affordable luxurious apartments in three towers, offering homes in the mid-to-high range segment in the area. Its handover is projected in the final quarter of 2027.
Based on Dubai Land Department (DLD) data, Motor City has experienced a sharp rise in real estate transactions and a notable acceleration of market momentum over the last three quarters. Recently launched off-plan projects in Motor City have experienced strong demand, which has a positive impact on the appreciation of property values.
Eng. Amer Khansaheb, Chief Executive Officer and Board Member, Union Properties, said, “The launch of ‘Takaya’ project is in line with our long-term growth objectives, further reinforcing our commitment to delivering superior quality and unparalleled value for customers. Our overarching objective is to create a vibrant residential community overlooking the one and only one Dubai Autodrome, which will redefine the standards of modern urban living.”
Takaya comprises units ranging from studios to one-to-three-bedroom apartments, as well as penthouses, townhouses, villas, and commercial space. The development is equipped with a range of amenities including outdoor sports courtyards, leisure pool, kid’s pool, jogging track, kids play area, multipurpose rooms at each tower, an arcade lounge, co-working spaces, and cinema/AV room. Furthermore, the ground floor of each tower hosts a mix of retail outlets, food, and beverage establishments, as well as other services. The development also features 150 parking spaces equipped with EV chargers.
“By leveraging our extensive industry expertise and market insights, we look forward to capitalising on new opportunities in the real rstate market and future-ready liveable environments. The market has witnessed significant growth over the previous years, making the Motor City a global hub for property investors and homebuyers. The sector is expected to continue expanding in the coming years, further strengthening its appeal within the broader UAE market,” Eng. Khansaheb added.
The UAE’s real estate market is anticipated to continue its strong performance in the coming years with projections pointing towards an astounding value of US$700 billion (Dh2.57 trillion) by 2024. Between 2024 and 2028, an annual growth rate of 3.03 per cent is expected, resulting in a market volume of US$800 billion (Dh2.93 trillion) by the latter year.
On the grounds of sustainability, Takaya has been designed with high-performance facades that exceed green building guidelines and make use of a large plot of approximately 450,000 square feet to create parks, a large central garden, and other green spaces. Buildings are integrated with smart building management systems that reduce energy consumption and operational costs.
Along with sustainability, the developer also prioritises healthy living by offering sports facilities such as jogging tracks, padel, basketball courts, lap pool and squash court, in an urban environment where open spaces are scarce, which will be a key selling point for the coming years.
Takaya’s spaces can be purchased with a payment plan that entails 60 per cent payment due within three years of construction and 40 per cent due in three years post-handover, providing investors and end users with further cash flow flexibility.
Union Properties has plans to launch its Dh6 billion project pipeline in the next 18 months.
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Also read: Union Properties returns to profitability with Dh17.7 million net profit in H1 2023
