DUBAI - Union Properties put out five new properties on the market yesterday. These projects together is estimated to cost Dh12.2 billion. The projects include the UPTOWN Mirdiff, the Park Lane Apartments at the Dubai International Financial Centre, Green Community West and the MotorCity and the INDEX at the DIFC.

Speaking to Khaleej Times yesterday, Anis Al Jallaf, chairman of Union Properties said: "The overwhelming demand for high quality properties has prompted us to invest in these projects. The investor response has been far beyond our expectations."

"Green Community was well received by the property buyers. It is the growing pressure on us form the investors that has pushed us to develop the new Green Community West project," Al Jallaf added.The Dh1.2 billion Green Community West has been fully booked, while it is still in the design stage. The project is due for completion in the 4th quarter of 2007.

The Park Lane Apartments located at the upper corner of the DIFC is designed by Genster, the world famous designer who has also designed the DIFC's main gate will feature a serviced apartment building managed by the Ritz Carlton and an apartment complex. The Dh15 billion project is still at the design stage.

UPTOWN Mirdiff is at the centre of Mirdiff. This project is built on 23 hectares of land with a total investment Dh700 million. The Anchor supermarket is already operating and the remaining development of villas, apartments, shopping centres and the primary school's handover are expected to open during the 3rd quarter of 2005. MotorCity, a business park for the motor and the motor related industries, is part to the Dubai Autodrome development. It is the highest investment among the 5 projects.

INDEX is an 80-storey skyscraper designed by Foster. The project is worth Dh1.8 billion and will be built on an 215,200 square feet plot in the DIFC. "INDEX is a signature building by Foster. We wanted to create something unique for the Dubai skyline which will be aesthetically lasting," Jallaf said. The project will be completed in 3 years and will be ready by the third quarter of 2008.

"Having a large portfolio of properties, residential and retail, with a 100 percent occupancy in each and every one of them, UP has never failed to exceed expectations and to provide something different and unique in every project. We build only where there is demand," said Simon Azzam, CEO of Union Properties.

Asked about the property demand scenario Azzam said, "We are all building on the confidence of the government. I feel that since the government is so involved, then so should we be as investors," said Simon Azzam, CEO of Union Properties."

The fact that the number of visitors increases every year while overbooking the large number of hotels, tells us that there is still room for a great deal of growth. To satisfy the demands of Dubai there needs to be many more projects," he said.

Reported by: Khaleej Times
Reported on: 24.02.2005
Posted on: 27.02.2005