Grecian 'white and blue' for Dubai MotorCity's Oia Residences

Union Properties, a Dubai-based developer, is set to start construction on its Dh430 million 'Oia Residences' in MotorCity, Dubailand, development, Emirates 24|7 can reveal.

"We are launching 'Oia Residences', named after a small town in the island of Santorini, Greece, and the architecture is inspired by white-painted houses of the Greek island," Director of Projects Isam Ababneh told this website.

The new project will include 271 residential units including duplex apartments with private gardens, terraces and direct access to the swimming pools.

The developer, which has completed the preliminary design, plans to award the contract for enabling works by month-end.

"The project is likely to be completed by end of 2017," Ababneh asserted.

Last year, UP announced projects worth over Dh2 billion which includes Dh1.1-billion The Vertex, a five-tower project in MotorCity spread over nearly 38 million square feet of land on Emirates Road.

It 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.

In March 2015, company chairman Khalid bin Kalban told Emirates 24|7 that they were planning to build a Dh500 million rental portfolio over the next five years.

The developer, which sold its Auto Mall in MotorCity for Dh525 million to Texture Global Investments recently, has announced a three per cent, or Dh0.03 per share, in cash dividend and five per cent bonus share.

This website reported earlier that 78 new projects were launched in 2014 apart from the Dubai Land Department reviving at least 43 stalled projects worth over Dh10 billion through its Tayseer and Tanmia initiatives.

Oia touch

Oia is a small town in the South Aegean on the islands of Santorini and Therasia in the Cyclades, Greece, noted for its white and blue domed houses.

According to Wikipedia, the houses are painted in white lime-water for aesthetic purpose as well to ensure collection of the rainwater.

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