Union Properties (UPP) on Monday announced a new masterplan for its flagship MotorCity development in Dubai with a completed value of more than AED8 billion ($2.18 billion).
The developer also said it has signed an agreement with China State Construction Engineering Corporation (CSCEC) to build the new mega development.
It added in a statement that the new MotorCity masterplan will comprise of 44 new high and low rise buildings, more than 150 villas, and a wide range of residential, commercial, entertainment and hospitality facilities.
It is expected to include more than 11,500 residential units, around 3000 serviced apartments, 3,500 hotel rooms, and a total of 46,000 square metres of retail space and more than 300,000 square metres of office space. In total, the new masterplan will see construction of around 18,000 units comprising residential apartments and villas, hotel rooms and serviced apartments.
At the heart of the new masterplan will be a new design for Union Properties’ Vertex – a mixed-use development with five towers, that will include a five-star hotel and serviced apartments.
Nasser Butti Omair bin Yousef, chairman, Union Properties, said: “Our partnership with CSCEC is a significant milestone as we set out a new direction for Union Properties… Today, with our new management team and clear growth strategy in place, we are setting out on a new phase that will take UPP to the next level, both in the UAE and internationally.
“Our MotorCity Masterplan embodies our new vision. From design through to construction, we are partnering with the best minds in the business to create a truly iconic City within a City.”
[Ref: arabianbusiness.com]
