National Properties, a subsidiary of National Bonds Corporation, has signed an agreement with Union Properties to develop an upscale project at the Green Community in Motor City.
Under the agreement, National Properties will develop the integrated project in two phases that will include high-end homes and luxury villas. Work on the project is set to begin in the second quarter of 2014 and is expected to be completed in end 2015. Opportunities to purchase individual units and invest in the project will be announced later this year.
The agreement was signed by Mohammed Qasim Al Ali, General Manager of National Properties, and Ahmad Khalaf Al Marri, General Manager of Union Properties at the National Bonds Headquarters.
The first phase of the project will focus on the construction of 78 luxury villas that will spread across an area of 330,000 sq ft, while the second phase will include 74 luxury villas and 58 apartments (two and three bedrooms) across six floors spanning 425,000 sq ft.
Mohammed Qasim Al Ali, General Manager of National Properties, said: “We are confident that our strategic agreement with Union Properties to develop a quality project will complement the vision and objectives of the Green Community in Motor City. This project will in turn help reiterate our vision to deliver high-end real estate on par with international standards right here in Dubai, while diversifying our current portfolio of real estate between yield generating assets and development projects such as this one.
Al Ali added: “National Properties will focus on innovative design in this project that reflects upscale modern living and is consistent with the aspirations and developments of a contemporary Dubai. The real estate sector is a one of the key growth areas of focus for National Bonds Corporation that is today a trusted household name for more than 700,000 regular savers in the region.”
Ahmad Khalaf Bin Touq Al Marri, General Manager for Union Properties said: “The agreement with National Properties underlines our strategic goals that are consistent with the economic growth Dubai is currently witnessing. We strive to build and strengthen customer trust by offering superlative quality in our project and service offerings. Union Properties is distinguished by its six core business principles that include quality, service, and creativity, attention to detail, trust and diversity. We passionately believe in our work motto that focuses on development for a better life.”
Al Marri added: "This collaboration consolidates a year of significant milestones for Union Properties, which at the end of 2013 topped the trading platform at the Dubai Financial Markets. The recent significant boost in the real estate market is a strong indicator of the beginning of a new era of sustainable growth in the country."
National Properties is a subsidiary of National Bonds Corporation and was established in 2007. The company has till date implemented a number of prestigious projects such as Skycourt Towers and the Andalucía Collection villas at Dubai Land.