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National Properties, a subsidiary of the National Bonds Corporation, has signed an agreement with Union Properties to develop an upscale project at the Green Community in Motor City.
Under the agreement, National Properties will develop the integrated project, which includes high-end homes and luxury villas, in two phases. Work on the project is set to begin in the second quarter and is expected to be completed late next year. Opportunities to purchase individual units and invest in the project will be announced later this year.
The agreement was signed by Mohammed Qasim Al Ali, General Manager of National Properties and Ahmad Khalaf Al Marri, General Manager of Union Properties.
The first phase of the project will focus on the construction of 78 luxury villas across an area of 330,000 sqft, while the second phase will include 74 luxury villas and 58 two and three-bedroom apartments across six floors spanning 425,000 sqft.
Al Ali said: ''We are confident that our strategic agreement with Union Properties to develop a quality project will complement the vision and objectives of the Green Community in Motor City. This project will in trnm help reiterate our vision to deliver high-end real estate on par with international standards right here in Dubai, while diversifying our current portfolio of real estate between yield-generating assets and development projects such as this one.
''National Properties will focus on innovative design that reflects upscale modern living and is consistent with the aspirations and developments of a contemporary Dubai. The real estate sector is a one of the key growth areas of focus for National Bonds Corporation that is today a trusted household name for mote than 700,000 regular savers in the region.
Al Marri said: ''The agreement with National Properties underlines our strategic goals that are consistent with the economic growth Dubai is currently witnessing. We strive to build and strengthen customer trust by offering superlative quality in our project and service offerings. Union Properties is distinguished by its six core business principles that include quality, service, creativity, attention to detail, trust and diversity. We passionately believe in our work motto that focuses on development for a better life.
''This collaboration consolidates a year of significant milestones for Union Properties, which at the end of 2013 topped the trading platform at the Dubai Financial Markets.''
Source: Property Weekly, gulfnews.com