A tender for the construction of a new mixed-use complex over Union Metro Station in Dubai will be held in order to develop public-private partnership in the emirate, Dubai Roads and Transport Authorities have revealed.
A new urban development including residential and commercial real estate, as well as recreation and entertainment areas will be built on the territory of 15,000 square meters, which was formerly a small public park.
With the Union Oasis project RTA plans to encourage Dubai residents to make greater use of public transport. Union Oasis will have a direct connection to the metro station with simultaneous access to the blue and red line and a bus terminal nearby, while two identical buildings housing residential apartments will be built over the metro station itself.
Prequalification of bidders will be finished before December 3. RTA will hold individual meetings with each of the potential developers, said Abdul Mohsen Ibrahim Younes, CEO of RTA's Rail Agency.
"RTA is keen on enhancing the attractiveness and feasibility of the project. In this regard, it will 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," he added.
Therefore, under a concession agreement between RTA and the successful bidder, Transport Authority keeps the land ownership, and the developer gets all the profits from the use of property built on it and also is responsible for designing, building, financing, managing, and operating the project.