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14 July 2024

Investor to buy into UP concept

Khalid bin Kalban, Chairman, Union Properties. (Supplied)

By Parag Deulgaonkar

Union Properties, Dubai-based developer, will sell two out of its six new projects, which it plans to start in 2014, in concept design stage to an investor, company chairman told Emirates 24|7.

“We had two projects in two parcels of land, which we were supposed to develop and sell. Now, we have a major buyer who will buy the whole concept and project,” said Khalid bin Kalban.

The project are the new phase 1 and 2 of Green Community MotorCity.

Union Properties will, however, continue to work as project managers and sales agents for the investor.

“We will manage the project and we will sell the units for the investor… so we will get fees for project management and sales commission,” he added.

In September, Union Properties said it was planning to launch six new projects worth Dh1.5 billion, which includes expansion of the Green Community in Motor City, in addition to The Ribbon, a retail development.

Kalban also confirmed that the company will commence work on all six projects this year with work beginning on The Ribbon, which comprise a variety of shops of international brands and a string of restaurants and recreational facilities.

“We will be laying the foundation in coming days,” he said.