Dubai-listed Union Properties has launched its new 2 billion UAE dirhams ($544.51 million) mix-use ‘Takaya’ project in Motor City master development. 

The project will be constructed over a plot area spanning 436,175 sq. ft, overlooking the Dubai Autodrome and a 500-metre retail boulevard. It comprises three residential towers with 744 “affordable luxurious” apartments.

The Takaya project will have 150 parking spaces equipped with EV chargers. The project’s design includes high-performance facades and will use a 450,000 square feet plot to create parks, a large central garden and other green spaces. 

The handover is expected to be in Q4 2027. 

The UAE’s real estate market is projected to reach $0.7 trillion by 2024, the developer said in a statement. Between 2024 and 2028, an annual growth rate of 3.03% is expected, resulting in a market volume of $0.80 trillion by 2025.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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