Motor City is all set to interest investors’ and home buyers’ with a slew of new developments that will enable its developer Union Properties (UP) to regain cash flow stability.
Per reports, the 3.5 million square metre Motor City master-development would receive new developments including a new residential project, a four-star hotel and a retail component, The Ribbon, which is complete and in advanced leasing.
Regarding the new projects, UP Chairman Khalid Bin Kalban reportedly said, “The projects will build continuity to UP’s business model and create both rental and sales income. There’s more that will be added in, such as the Vertex Towers (comprising five residential/serviced apartment high-rises), which was announced before. But we are still waiting for the final designs.”
A news report has claimed a major boost in Motor City’s prospects after the local BMW dealership AGMC, announced an AED 200 million showroom and after-sales facility in the locality. Per reports, the new automobile facility would be located alongside Detroit Road, which is also Motor City’s main commercial thoroughfare.
Currently, Motor City is home to more than 30,000 residents who are concentrated in locations such as the “Green Community” and “Uptown” clusters. Prices of units here ranged around AED 900 – AED 1,100 per square foot.
The developer has also launched a new residential project in the locality named Oia Residences. Construction has already started on the project, which is worth AED 442 million and would eventually add a further 269 units. UP senior officials revealed that sales will not be launched immediately as they will be taking cues from the wider market demand and time the supply accordingly.
The developer said that almost 75 percent of land plots available in Motor City have already been sold and the remaining may undergo some minor changes to be in sync with market demand, as it had seen an upsurge in demand for commercial options in locality’s secondary locations.