One of the largest developers in Dubai, Union Properties shared intriguing news of its intention to launch three new major real estate projects in Dubai in the near future worth in total US $ 544,5 million.
No specific details about the future projects are disclosed yet. But in April, Union Properties said that it plans to further expand its Green Community residential complex in Dubai at the beginning of July this year.
During third phase of construction in the Green Community 266 new villas and apartments will be added to existing stock. In addition, the developer intends to put into operation 271 new residential units in Dubai's Motor City before the end of 2017. Therefore, potential customers and shareholders met the developer’s announcement about three new residential complexes construction with enthusiasm.
In March, Union Properties began to pay dividends to its shareholders for the first time since 2002 — 3% per share, which tells that the company’s business is looking well.
Union Properties was one of the many Dubai developers who last year turned their attention to remote areas of Dubai, such as Motor City, believing that the demand for middle-priced property there will increase. In 2015, Asteco and JLL reports confirmed these assumptions, recognizing that affordable housing located in remote areas of Dubai is coming to the fore of the Dubai property market.