Union Properties of the Developer

Developers Union Properties of the Developer
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~9 min
01/25/2024
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Introduction

Union Properties, originally established as Union Property Private Limited in 1987, has evolved into a prominent real estate development company based in Dubai, United Arab Emirates. The company successfully went public and was listed on the Dubai Financial Market in 1993. Renowned for delivering landmark projects, Union Properties has played a pivotal role in shaping the skyline of Dubai and the Middle East.

One of the notable projects developed by Union Properties is The Index tower, a distinctive apartment and office building in Dubai, showcasing the company's commitment to excellence and innovation in the real estate sector. Additionally, Union Properties has made significant contributions to the development of Dubai Motor City, further solidifying its position as a pioneering developer in the region.

History

Established in 1987 as Union Property Private Limited, Union Properties has a history that spans several decades. The company's initial formation marked the beginning of a journey that would eventually establish it as a key player in the real estate development sector in Dubai, United Arab Emirates.

In 1993, Union Properties achieved a significant milestone by listing on the Dubai Financial Market, a move that not only enhanced its visibility but also positioned it as a publicly traded company. This listing reflected the company's commitment to transparency and openness in its operations.

Throughout its history, Union Properties has been at the forefront of shaping the urban landscape of Dubai, contributing to the city's iconic skyline. Notable among its earlier projects is The Index, a distinctive apartment and office building that showcased the company's dedication to architectural excellence.

On January 21, 2018, Union Properties made a strategic decision by selling its 50% stake in Emirates District Cooling, also known as Emicool, to Dubai Investment for 500 million Dirhams. This move not only demonstrated the company's adaptability to market dynamics but also contributed to its financial restructuring, utilizing the proceeds to address debts.

Furthermore, Union Properties expanded its investment portfolio by acquiring a stake in the Egyptian Palm Hills Company in 2019. This move signaled the company's interest in diversifying its investments beyond the borders of the United Arab Emirates, showcasing its vision for growth and expansion.

Average Prices for Properties

  1. Index Tower By Union Properties - DIFC Dubai. Starting from AED 2 million, Index Tower exemplifies luxury living in the heart of Dubai's financial district, the Dubai International Financial Centre (DIFC). With a prime location and upscale amenities, these properties are positioned at the higher end of the market, appealing to those seeking premium living spaces in a prestigious setting.

  2. Green Community Apartments - Motor City. The Green Community Apartments in Motor City present an exclusive residential option with prices starting from AED 3.3 million. Designed to provide a harmonious blend of nature and modern living, these apartments within Union Properties' Green Community boast scenic surroundings and quality craftsmanship.

  3. OIA Residence Apartments - Motor City. Priced starting from AED 1.3 million, OIA Residence Apartments in Motor City provide an attractive option for those seeking modern and stylish living spaces. The competitive pricing makes these apartments a compelling choice for individuals and families looking for a blend of affordability and contemporary design.

  4. Limestone House Apartments - DIFC Dubai. Positioned at the higher end of the pricing spectrum, Limestone House Apartments in DIFC Dubai start from AED 3.2 million. This premium offering reflects a commitment to delivering luxury residences in one of Dubai's most prestigious districts, emphasizing sophistication and opulence in design and amenities.

Key Projects

Motor City

Union Properties has significantly contributed to Dubai's urban landscape through its key project, Motor City. This expansive development, covering approximately 35,338,575 square feet, is a multifaceted community that goes beyond being a mere residential area. It stands as a comprehensive city within the city, integrating various elements of urban living.

Motor City's design encompasses residential spaces, business opportunities, sports facilities, and leisure amenities, making it a self-sufficient and dynamic environment. The development is divided into different sectors, each contributing to the overall richness of Motor City.

One notable sector is the Avenue District, characterized by its vibrant and pedestrian-friendly urban setting. Lined with shops, cafes, and commercial establishments, the Avenue District fosters a lively atmosphere for both residents and visitors.

The presence of the Dubai Autodrome adds a distinctive feature to Motor City. This world-class motorsports facility not only caters to automotive enthusiasts but also positions Motor City as a destination for sporting events, further enhancing its appeal.

OIA Residences

OIA Residences embodies inspired living through its meticulous design, cutting-edge amenities, and a strong sense of community. Drawing inspiration from the small picturesque town of OIA on the island of Santorini, renowned for its breathtaking beauty and architectural excellence, OIA Residence reflects the charm and character of this inspiring destination.

This modern and sophisticated community features a low-rise residential building thoughtfully designed to provide residents with a serene and comfortable living environment. Open green spaces and a range of recreational facilities contribute to the overall appeal of OIA Residences, creating a harmonious blend of luxury and community living.

Index Tower

Index Tower goes beyond being a mere structure, offering an immersive living experience. By day, it stands amidst the city's economic hub, while by night, residents can indulge in the sophistication of elegant restaurants and a diverse range of entertainment activities.

Characterized by its slender profile, Index Tower comprises twenty-five floors dedicated to office spaces, with three levels housing exclusive retail outlets at its base. The building features a classic two-floor sky lobby, providing a unique space to sit, socialize, and enjoy breathtaking views of the city from every angle.

More than a workplace, Index Tower is a luxury destination where work seamlessly blends with leisure. Its captivating design not only adds to the city's skyline but also sets it apart as a symbol of elegance and modern living in Dubai.

UPTOWN Mirdiff

UPTOWN Mirdiff stands as a haven for stylish residential and commercial properties, creating a harmonious blend of international eateries, cafes, and popular retail stores. Nestled in the most tranquil spot of Dubai, this community has become a thriving and sustainable neighborhood, particularly ideal for families.

At the heart of UPTOWN Mirdiff is the Grand Piazza, a central feature that defines the community's ambiance. This area includes a variety of townhouses and rowhouses, each falling into one of three distinct apartment styles: Garden, Courtyard, and Terrace. The emphasis on diverse living styles adds to the charm and allure of this vibrant community.

Beyond its aesthetic appeal, UPTOWN Mirdiff caters to the needs of families by hosting an onsite primary school, providing a convenient educational solution. Additionally, the community features a park and numerous safe play spaces, ensuring a family-friendly environment where residents can enjoy both convenience and tranquility.

Awards

Union Properties has garnered notable recognition and acclaim through various prestigious awards, solidifying its standing in the real estate industry.

  1. Property Company of the Year 2005. Union Properties received the esteemed title of Property Company of the Year in 2005, as acknowledged by Arabia Business Magazine. This recognition underscores the company's excellence and leadership within the real estate sector.

  2. Best Real Estate Company 2016. Forbes Middle East honored Union Properties with the title of Best Real Estate Company in the 13th grade in 2016. This accolade further attests to the company's outstanding achievements and contributions to the real estate landscape.

  3. Top 100 Companies in the Middle East 2018. In 2018, Union Properties secured a position among the Top 100 Companies in the Middle East, ranking 47th according to Forbes Middle East. This recognition reflects the company's significance and impact on the regional business landscape.

  4. Best Tall Building Middle East & Africa 2011. Union Properties achieved international acclaim in 2011 when it was awarded the "Best Tall Building Middle East & Africa" by the Council on Tall Buildings and Urban Habitat. This prestigious accolade underscores the company's commitment to architectural excellence and innovation in the construction of tall structures.

Conclusion

Union Properties PJSC, with its diverse portfolio and commitment to the highest quality standards, stands as a prominent player in the real estate development sector. The company's distinguished history, coupled with its innovative projects and strategic initiatives, reflects its resilience and adaptability in a dynamic market. With a dedicated management team, a focus on sustainability, and a portfolio that includes iconic developments, Union Properties continues to contribute significantly to the evolving landscape of the United Arab Emirates.

FAQ

  • 1.

    Who is the CEO of Union Properties?

    Khalifa Al Hammadi holds the dual role of CEO and Chairman of the board at Union Properties, leading the company with a comprehensive approach to governance and executive management. His leadership underscores Union Properties' commitment to effective decision-making and strategic direction in the real estate development sector.

  • 2.

    Who is the developer of Dubai Motor City?

    Dubai Motor City was developed by Union Properties PJSC, a prominent real estate development company in Dubai. Union Properties' expertise and vision played a crucial role in shaping Motor City into a dynamic and integrated community.

  • 3.

    What are Union Properties' notable projects?

    Union Properties has been associated with landmark projects such as Index Tower, and Motor City, contributing to the architectural and economic development of the region.

  • 4.

    How does Union Properties ensure the quality of its developments?

    Union Properties is committed to the highest quality standards, ensuring meticulous attention to detail, innovative design, and adherence to rigorous construction and development processes.

  • 5.

    What subsidiaries are associated with Union Properties PJSC?

    Union Properties is linked to various subsidiaries that contribute to its diversified portfolio. Notable subsidiaries include Thermo LLC, reflecting the company's expansion into different sectors.

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Update date: 02/18/2024