Dubai's UP to break ground on Dh1.5bn MotorCity projects

Union Properties (UP), a Dubai-based developer, will commence construction of Dh1.1 billion The Vertex, a five high-rise towers, in MotorCity by early next year, a company spokesperson told Emirates 24|7.

“The enabling works contract will be awarded by November and we will break ground early next year,” the official said.

The project consists of five towers of between 45 and 30 storeys, which will be linked by a podium. It will house 700 units and 66,000 square feet of retail space.

“We will launch one tower as one phase within a gap of six months, respectively. We expect to complete the first tower in early 2018.”

MotorCity, spread over nearly 38 million square feet of land on the Emirates Road, comprises components such as Dubai Autodrome, Business Park MotorCity, Uptown MotorCity, Green Community MotorCity and an amusement park.

Separately, the developer is also planning to commence work on a new Dh430 million residential project, comprising four buildings with 200 residential units, in MotorCity.

“We will commence work in September with the project slated for completion in 2017,” the spokesperson said.

UP, listed on Dubai Financial Market, has commenced work on phase 3 of Green Community at Dubai Investments Park (210 residential villas and 22 duplex apartments) with the project likely to be finished by June 2017.

Earlier this month, company chairman Khalid bin Kalban told Emirates 24|7 reported that they were planning to build a rental portfolio of Dh500 million over the next five years.

Read: Dubai's Union Properties mulls share buyback

In February, the developer sold Auto Mall, MotorCity master, for Dh525 million to Texture Global Investments. It will pay 3 per cent, or Dh0.03 per share, in cash dividend, resulting in a payout of Dh120 million, compared to Dh40 million that was paid in 2002, besides paying five per cent as bonus share for 2014.

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