Union Properties diversifies into malls and hotels
Union Properties is set to further diversify its operations and revenue sources by opening two new fully-owned subsidiary companies: Union Malls and Al Etihad Hotel Management.
Announcing the news at Cityscape Global 2017, Nasser Butti Omair bin Yousef, Chairman of Union Properties, said: “We have identified the creation of divisions in the mall and hotel sectors as being key drivers for the next stage of Union Properties’ success that will serve to diversify our revenues while enhancing our communities.”
Union Malls will provide retail and leisure options in Union Properties developments. Located in MotorCity, its inaugural mall will be The Central, a 100,000 sqm complex spread over four floors, offering shopping retail, dining and a wide range of leisure options.
The Central will be characterised by its sports offering and will feature a 250m indoor velodrome fully equipped for cyclists and their trainers, a 700m indoor elevated running track, indoor Olympic-sized swimming pool, a diving centre, six indoor basketball courts, medical suites for sports therapy and a 17,000sqft gymnasium.
In keeping with its location in MotorCity, the automobile will be the other defining characteristic of The Central. A museum will enable classic car owners and manufacturers to display their collections, while there will also be a centre for the sale of used and classic cars.
“The Central will not only be a great new asset for community residents, but also for people across the whole emirate of Dubai,” the Union Properties Chairman added.
Union Hotel Management
Al Etihad Hotel Management is expected to provide hospitality services and facilities management for approximately 3,000 serviced apartments and 3,500 hotel rooms throughout MotorCity, before expanding its business to the rest of Dubai and beyond.
This division launches with a pipeline of three hotel projects in MotorCity. The 25-leve, 5-star Vertex Hotel will be part of the 85-storey, 300m high-rise at the heart of the wider Vertex complex, which also includes 1,000 serviced apartments spread over 45 levels and crowned by the highest helipad in the UAE.
The 35-storey four-star Central Hotel will be located directly opposite The Central mall via a pedestrian bridge. It will comprise 350 rooms topped by 18 levels of serviced apartments.
The third hotel project, currently unnamed, comprises approximately 270 serviced apartments of differing sizes.