{"id":24218,"date":"2016-08-28T19:51:57","date_gmt":"2016-08-28T12:51:57","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=24218"},"modified":"2016-08-28T18:13:12","modified_gmt":"2016-08-28T11:13:12","slug":"dubai-developer-union-properties-agrees-dh290m-loan-for-motor-city-project","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-developer-union-properties-agrees-dh290m-loan-for-motor-city-project\/","title":{"rendered":"Dubai developer Union Properties agrees Dh290m loan for Motor City project"},"content":{"rendered":"


\nThe Dubai developer Union Properties has agreed with two banks on a Dh290 million loan to build its Dh450m Oia Resi\u00addences project in Dubai’s Motor City.Union Properties said that it had adopted a special resolution at its general assembly to enable the company to enter into the financing agreement with RAKBank and Ajman Bank.The Dubai-listed property company said that at a company general assembly meeting on Thursday, shareholders voted to approve the six-year loan.At the same time, the company also voted to change its articles of association to authorise its directors to enter into loans for periods of more than three years.In May, Union Properties signed a Dh235m construction contract to appoint China State Construction Engineering’s Middle East arm to build the 269-apartment Oia Residences project.Work on the Greek-inspired complex, which was planned by AK Design, is scheduled to be completed by the end of next year.Union Properties was hit hard by the global financial crisis in 2008. After 2010, to shore up its cash balance, the developer sold some of its key assets such as the Ritz-Carlton Hotel and substantial stakes in Limestone House and Index Tower to its key shareholder, Emirates NBD.Union Property shares remained virtually unchanged, falling 0.1 per cent in trading to stand at 73 fils.lbarnard@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Dubai developer Union Properties agrees Dh290m loan for Motor City project<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Dubai developer Union Properties has agreed with two banks on a Dh290 million loan...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-24218","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6iC","jetpack-related-posts":[{"id":11768,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-hires-china-state-to-build-dh450m-motor-city-scheme\/","url_meta":{"origin":24218,"position":0},"title":"Union Properties hires China State to build Dh450m Motor City scheme","date":"May 2, 2016","format":false,"excerpt":"\r Union Properties has appointed China State Construction Engineering's (CSCEC) Middle East arm to build its Dh450 million Oia Residences project in Dubai's Motor City. Union Properties' chairman, Khalid bin Kalban, said yesterday at a ceremony to mark the start of construction that although the project is being launched in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12526,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-q1-profit-up-50-despite-lower-income\/","url_meta":{"origin":24218,"position":1},"title":"Union Properties Q1 profit up 50% despite lower income","date":"May 10, 2016","format":false,"excerpt":"\r Union Properties reported a 50 per cent year-on-year increase in first quarter profit, despite lower income, the Dubai-listed firm said. Net profit attributable to equity holders in the three months ending March 31 reached Dh42.1 million, up from Dh28.1m in a year-earlier period, the company said in a statement\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43500,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-profit-falls-by-half-in-2016\/","url_meta":{"origin":24218,"position":2},"title":"Union Properties profit falls by half in 2016","date":"February 9, 2017","format":false,"excerpt":"\r Union Properties has announced a 51 per cent decline in full-year profits for 2016 to Dh211.4 million, down from Dh434.6m in 2015.The company filed preliminary results on the Dubai Financial Market showing that revenue also witnessed a decline of about 23 per cent to Dh1.13 billion compared with Dh1.47bn\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43502,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-profit-fell-by-half-in-2016\/","url_meta":{"origin":24218,"position":3},"title":"Union Properties profit fell by half in 2016","date":"February 9, 2017","format":false,"excerpt":"\r Union Properties has announced a 51 per cent decline in full-year profits for 2016 to Dh211.4 million, down from Dh434.6m in 2015.The company filed preliminary results on the Dubai Financial Market showing that revenue also witnessed a decline of about 23 per cent to Dh1.13 billion compared with Dh1.47bn\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26394,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-delayed-dh1-1-billion-vertx-project-to-start-next-year\/","url_meta":{"origin":24218,"position":4},"title":"Union Properties' delayed Dh1.1 billion Vertx project to start next year","date":"September 18, 2016","format":false,"excerpt":"\r Ahmed Al Marri, the general manager of Dubai-based Union Properties, has said the developer is hoping to start its delayed five-tower Vertx scheme in Motor City by the middle of next year.The developer had initially launched the Dh1.1bn, 1.3-million-square foot project at Cityscape Global in 2014, proposing a start\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38775,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/racing-themed-park-revived-by-developer-union-properties\/","url_meta":{"origin":24218,"position":5},"title":"Racing themed-park revived by developer Union Properties","date":"December 22, 2016","format":false,"excerpt":"\r Dubai's Union Properties (UP) has revived plans to build a motor racing theme park in Dubailand.In a statement to the Dubai bourse, UP said that pre-feasibility studies indicated that the project in Motor City would be worth about Dh600 million.It said Dubai Municipality had approved a revised masterplan, including\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/24218"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=24218"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/24218\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=24218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=24218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=24218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}