Union Properties launches AED2bn Takaya in Dubai Motor City
Image from Union Properties
Union Properties is set to launch Takaya, a AED 2 billion mixed-use project in Dubai's Motor City, marking the first phase of its planned AED 6 billion investment in the area. Takaya will span 436,200 square feet, featuring 744 residential units—ranging from studios to three-bedroom apartments, plus penthouses, townhouses, and commercial spaces along a 500-meter retail boulevard.
The developer is investing AED 1.16 billion into the project, with payments split between 60% due within three years of construction and 40% after handover, scheduled for Q4 2027. Expected to generate AED 200 million in net income by 2025, Takaya is part of a broader strategy by Union Properties, following their recent debt settlement with Emirates NBD and Dubailand, which allowed the repurposing of Motor City land. Future projects include another AED 2 billion development of four interconnected towers and a third AED 2 billion project still in the design phase.