Union Properties has broken ground for its AED 2 billion ($540 million) Takaya project, located in the Dubai Motor City community.
The mixed-use development, which overlooks the Dubai Autodrome, spans 436,175 square feet of land. It has a roadside elevation of 560 meters and features three residential towers with 788 luxury housing units, including studios, 1-, 2- and 3-bedroom apartments. It will also have penthouses, townhouses, and villas.
Takaya will also have a 500-meter-long shopping boulevard and promises to set a new benchmark in the mid-to-high range segment.
The launch of ‘Takaya’ marks a crucial turning point in the evolution of Union Properties’ ambitious portfolio.
At the time of launch, Amer Khansaheb, CEO and Board Member of Union Properties said: “Our overarching objective is to create a vibrant residential community overlooking the one and only Dubai Autodrome, which will redefine the standards of modern urban living.”
Takaya’s enabling package involves 995 foundation piles, 99,000 cubic meters of excavation (earthworks), and a 500-meter-long shoring boundary, which will be completed in six months.
Mohamed Fardan Ali Al Fardan, chairman; Abdul Wahab Al Halabi, vice-chairman, Khansaheb and other board members witnessed the ground-breaking ceremony, which was held on Saturday.
The project showcases the company’s strategic focus on delivering advanced developments that redefine urban living, while contributing to Dubai’s long-term vision for sustainable growth and investment appeal.
In April this year, the company reached a significant milestone in its debt restructuring plan and paid AED290 million ($78.9 million) to its lenders.
Follow us on
