Dubai – Mubasher: Union Properties will launch its mixed-use development project Takaya at a value of nearly AED 1.60 billion, according to a press release.

Takaya, which is Union Properties’ first development since 2015, comes in line with the DFM-listed firm’s turnaround and growth strategy.

The new scheme will be located in the MotorCity community and will consist of 788 units across three towers that include 39 townhouses, five villas, 744 apartments, and a retail space of 55,000 square feet.

Subject to regulatory approvals, the project is expected to commence construction during the third quarter (Q3) of 2023, while the units are forecast to be delivered in Q4-25.

Amer Khansaheb, a board member and the Managing Director of Union Properties, commented: “Having successfully completed our debt restructuring, and with an attractive landbank and deep expertise in real estate development, Union Properties is now well positioned to capture further opportunities in the UAE’s thriving real estate market.”

In the first nine months (9M) of 2022, Union Properties swung to net losses worth AED 11.37 million, compared to net profits of AED 1.36 million in 9M-21.

Meanwhile, the accumulated losses reached AED 2.93 billion as of 30 September 2022, equivalent to 68.52% of its capital.