{"id":26394,"date":"2016-09-18T01:20:08","date_gmt":"2016-09-17T18:20:08","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=26394"},"modified":"2016-09-17T23:27:45","modified_gmt":"2016-09-17T16:27:45","slug":"union-properties-delayed-dh1-1-billion-vertx-project-to-start-next-year","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-delayed-dh1-1-billion-vertx-project-to-start-next-year\/","title":{"rendered":"Union Properties' delayed Dh1.1 billion Vertx project to start next year"},"content":{"rendered":"


\nAhmed 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 on site in 2015 and completion by February 2018.Mr Al Marri said that detailed designs and feasibility studies for the project are complete, but it has not yet started the project due to weaker market conditions and a decision to focus on schemes, such as the nearby Oia project, which are easier to deliver. “It is the market. You know when you want to start something you do your study, right? We did the feasibility study and the market research – where are investors going now? what are they thinking? which kind of projects do they need?”After we saw all of that, the board decided just to delay this project a little bit and then start with another one like Oia.”He said that he could not give a definite date for when Vertx would be delivered, only that the company will look to restart the project by “the middle of 2017”.”After we are doing the tender and choosing the contractor, at that time we will say how long it will take.”Mr Al Marri said that a slowdown in the wider economy had affected Dubai’s real estate market, but that he expected a return to growth next year.”In 2014-15, the curve has gone down. Now, in 2016 we saw there is a kind of stability. I expect from the start of 2017 the curve will go up. But it will not reach the point in 2005\/06.”He said that work had progressed well at Oia Residences – a 269-unit, Dh450m apartment scheme being built by China State Construction Engineering Corporation (CSCEC), which was appointed in May this year. Work at that site is already 30 per cent complete, with delivery due by the end of next year.”We are choosing people who have an ability to finish the project. Not a small contractor who will say ‘I don’t have the money to finish’. Their [CSCEC’s] reputation is international. So we are choosing the right company.”Work on Union’s Green Community West project – a Dh680m community of 210 townhouses that was also launched at Cityscape in 2014 – is 40 per cent complete. It is being built by Indian-headquartered contractor Shapoorji Pallonji. A YouGov Middle East Real Estate Barometer survey of more than 1,700 respondents across the GCC and Egypt found that 47 per cent expected a decline in sales prices in the UAE this year.However, 36 per cent of respondents expect the market to return to growth next year.YouGov research director Lara Al Barazi said that real estate was the favoured investment class of more than half (53 per cent) of respondents – significantly ahead of equities (13 per cent) and precious metals) 11 per cent.Dubai was named the most appealing city for real estate investment by 64 per cent of respondents. Abu Dhabi came second with 8 per cent citing it as their first choice, while the Saudi Arabian cities of Riyadh and Mecca were joint-third, with each gaining 5 per cent of first choice preferences.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Union Properties’ delayed Dh1.1 billion Vertx project to start next year<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ahmed Al Marri, the general manager of Dubai-based Union Properties, has said the developer is...<\/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-26394","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\/p75ss1-6RI","jetpack-related-posts":[{"id":53401,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/boardroom-upheaval-at-union-properties\/","url_meta":{"origin":26394,"position":0},"title":"Boardroom upheaval at Union Properties","date":"May 2, 2017","format":false,"excerpt":"\r Union Properties is to host an emergency shareholder meeting later this month to approve the appointment of a new chairman and vice-chairman after an apparent boardroom tussle.The company held its annual general meeting (AGM) last Wednesday evening at which shareholders approved the continuation of its seven-strong board of directors,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3313,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-profit-plunges-in-dubai-slowdown\/","url_meta":{"origin":26394,"position":1},"title":"Union Properties profit plunges in Dubai slowdown","date":"February 1, 2016","format":false,"excerpt":"\r \r Profits at Union Properties, the Dubai developer behind Motor City and the Green Community, halved last year as the company was hit hard by a slowdown in the emirate's property market.Union Properties reported that net profit for the year sank to Dh434.6 million - down 49.7 per cent\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":26394,"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":26394,"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":167926,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/minister-al-marri-highlights-how-the-uae-continues-to-embrace-new-economy\/","url_meta":{"origin":26394,"position":4},"title":"Minister Al Marri highlights how the UAE continues to embrace new economy","date":"December 22, 2025","format":false,"excerpt":"\r Advancing new economy in the UAE is a core pillar of sustainable economic growth and underpinned by government policies, initiatives and legislation The post Minister Al Marri highlights how the UAE continues to embrace new economy appeared first on Arabian Business: Latest News on the Middle East, Real Estate,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2025\/12\/Abdullah-bin-Touq-Al-Marri-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":38775,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/racing-themed-park-revived-by-developer-union-properties\/","url_meta":{"origin":26394,"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\/26394"}],"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=26394"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/26394\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=26394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=26394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=26394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}