Dubai: National Properties said that it has signed an agreement with Union Properties to develop an upscale project at the Green Community in Motor City, according to a company statement on Monday.
“This project will in turn 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,” Mohammad Al Ali, the company’s general manager, said in the statement.
Under the agreement, National Properties, a subsidiary of National Bonds Corporation, a Sharia-compliant savings and investment company, will develop the project in two phases.
The first phase will include 78 luxury villas that will cover an area of 330,000 square feet, while the second phase will include 74 luxury villas and 58 apartments across six floors spanning 425,000 square feet.
Work on the project is expected to begin in the second quarter of this year and is likely to be completed in late 2015, according to the statement.
Opportunities to buy individual units and invest in the project will be announced later this year, the statement added.