Green Community West: Going the mid-luxury route
Union Properties launches sales for affordable townhouses and duplexes in Green Community West.
When it comes to creating mixed-use communities, no one gets it quite as right as Union Properties. Already boasting the two flagship Green Communities in Motor City and Dubai Investments Park (DIP), the developer is now tapping into demand for affordable luxury. It officially launched off-plan sales for investors in phase three of Green Community West in DIP on Tuesday.
Strategically located near Al Maktoum International Airport and the Expo 2020 site, this phase includes 210 mid-luxury three-bedroom townhouses, 16 duplex apartments, two clubhouses including health and leisure facilities, and 6,000 square feet of retail.
Units will be priced from Dh850 per sq ft and go upto Dh1,200 per sq ft. Average size per unit is 4,350 sq ft for a three-bedroom apartment.
The developer has flexible payment plans: the investor needs to pay 50 per cent till the handover date. The remaining 50 per cent can be paid on a flexible basis for up to eight years.
"It's an extension of an already existing popular project. We're confident of generating demand from investors and existing clients," said Ahmad Almarri, general manager of Union Properties.
The wider Green Community is already self-sufficient, with fully fledged retail, medical, educational, hotel and commercial facilities. Once complete, the total number of residential units will reach 1,765 over the three phases.
Expected to be delivered in phases until 2017, part one of expansion will include 76 townhouses and be delivered in 18 months. Phase two will comprise 93 units and be delivered in 21 months while phase three will include the duplex apartments and remaining townhouses and be delivered in 24 months.
Union Properties is tapping part of the construction finance from Dubai Islamic Bank. The construction value of the Green Community West expansion is pegged at Dh680 million.
Construction commenced on site in June 2015. Wade Adams has completed the enabling works. Shapoorji Pallonji International has commenced work on site and Dewan Architects & Engineers is the project consultant. Superstructure work is currently in progress.
Union Properties has derived all recurring income from its retail projects. The Ribbon, a shopping strip in Motor City, has been delivered to tenants for fit-out and will be operational by December. While Uptown Mirdif is 80 per cent leased out, there will be more phases of expansion.
Meanwhile, The Link is a mixed-use structure conceptualised in Motor City and will include a 4-star hotel and high-end restaurants. It will be launched next year, said Almarri.
On the residential front, construction tenders have opened for Oia Residence, a low-rise project including apartments and townhouses, in Green Community Motor City.
Design is complete for the Vertex Tower, a five-tower structure in Motor City. Tenders for phase one of the project will be floated in the second half of 2016.
Union Properties has a land parcel of 13 million sq ft in Motor City and Meydan. "If we come across good deals, we will definitely purchase land. But the pricing needs to be right to ensure it's profitable for us," said Khalid bin Kalban, chairman of Union Properties.
In its first foray outside the UAE, Union Properties has signed a memorandum of understanding with Naif Al Rajhi Investment Company in Saudi Arabia. The 50:50 joint venture will set up an operating company to handle future projects, with Riyadh being the focus market. Naif Al Rajhi comes with a vast land bank that will be used to build both mixed-use communities and high rises. "All initial details will be finalised in the first quarter of 2016," informed Almarri.