Oia Residences will have 269 units, completion by end-2017
Union Properties has awarded the main construction contract for its Dh450 million Oia Residences in MotorCity to China State Construction Engineering Corporation Middle East (CSCEC).
“We have commenced work on the project and we expect to complete it by end of 2017,” said company Chairman Khalid Bin Kalban.
The project, designed by AK Design, will include 269 residential units including duplex apartments with private gardens, terraces and direct access to the swimming pools.
Though no launch prices were revealed, the company will commence sales by year-end
The developer’s Dh1.1 billion Vertex Towers, a five-tower project, in MotorCty, is currently under design phase. No launch date was given.
The Dubai-bourse listed company is also in discussions with companies in Saudi Arabia to launch a project through joint venture.
“We have plans to launch a project through joint venture in Saudi Arabia and we will look at launching our own projects at a later stage,” Kalban said.
Last year, Kalban told Emirates 24|7 that they were planning to build a Dh500 million rental portfolio over the next five years.
The company’s net profit fell by 49.7 per cent to Dh434.6 million in 2015 from Dh864.9 million the previous year. Revenues for the period fell 61 per cent to 1.46 billion dirhams from 2.07 billion dirhams a year earlier.
CSCEC has been awarded a total of 35 projects in the UAE of which 21 have been completed with the value of the project awarded crossing Dh12 billion in a time frame of less than nine years.
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