Dubai – “ASWAQ”
Union Properties, a Dubai Financial Market-listed developer, has finalised its longstanding plans to build a US$163.35 million (AED600 million) mixed-use project in Motor City which includes a theme park, as said by company chairman Khalid Bin Kalban to Arabian Business.
Union Properties’ initial plans for a US$544.49m (AED2 billion) F1-X Dubai, a theme park dedicated to the Formula One car racing competition, were put on hold in the aftermath of the global financial crisis.
Bin Kalban added, “The land was allotted to a theme park development, but a feasibility study said the cost would overrun to as much as US$544.49m. We have now redesigned the land usage plan, with 50 percent of the land allotted to a theme park and the remaining 50 percent to a mixed-use development.”
He further said, “The revised masterplan has been approved by Dubai Municipality, but is awaiting clearance from Dubailand, the master developer who was insisting on the theme park as it used to be. But that is not possible now.” Bin Kalban added, “We did ask them if they would come as a partner, but they were a bit hesitant. So, hopefully they will agree with our new concept.”
Union Properties will also relaunch the US$81.67m (AED300 million) ‘The Link Motor City’ project, which will have a retail component and a 3-star hotel. Bin Kalban said that though the original Motor City masterplan included seven hotels, the company has abandoned its ambitious hospitality development plans and do not want to risk owning seven hotels in the same neighbourhood. Instead only three hotels will be built.
He said, “We are executing the Motor City masterplan, but with slight changes because market dynamics have changed. It is the most prosperous community in Dubailand, and we want to capitalise on it.”