UP plans to buy large chunk of land - Emirates24|7

UP plans to buy large chunk of land

Union Properties is in talks with government and private institutions for acquiring between 40 and 60 million square feet of land, and plans to utilise it to construct and deliver new projects in 2011, a top company official said.

"We are looking for a large chunk of land and it may be between 40 million and 60 million square feet. We are looking at Downtown Dubai, Bawadi, Dubailand and Mirdiff. However, our projects will totally depend on the area were we acquire land," Chief Financial Officer Zaid Ghoul told Emirates Business.

"We will be delivering our Motor City project in phases by 2009 and 2010. And for delivering projects in 2011, we need to have land and so we are in the acquisition mode."

Ghoul further believes there is huge demand for middle to low-income housing projects.

"The rents are going high and there is easy availability of mortgage. There is high demand for medium to low income housing," he added.