Union Properties has reduced its legacy debt from Dh1.47 billion in 2022 to Dh575 million by December 2024, with plans to decrease it by an additional Dh150 million by the end of Q1 2025. The company secured a new Dh150 million loan to fund investments over the next 18 months, aiming for an annual recurring income of approximately Dh40 million.
The developer announced plans to retain 10 million square feet of gross floor area for future development and is set to launch two new projects, including “Takaya” in Dubai’s Motor City. Takaya will feature three residential towers comprising 744 units and penthouses, townhouses, villas, and commercial space. The project is valued at approximately Dh2 billion.
“With the successful reduction of our legacy debt and acquisition of new funding to advance our strategic expansion, we at Union Properties pave the way in a new era of growth and possibilities,” said Eng. Amer Khansaheb, CEO and Board Member, Union Properties. “Our growing trust among financial institutions and unwavering commitment to excellence will certainly lay the groundwork for continued success, while also allowing us to address the evolving needs of urban populations.
“The strength and potential of the Company’s portfolio are also demonstrated in different format by the availability of 10 million sq. ft. of GFA.”
