Union Properties will restart The Vertx project in Dubai’s Motor City

19.09.2016
Five-towered delayed project The Vertx worth over AED 1 billion will be revived next year, says the developer.

Dubai’s government pays special attention to spare the emirate from any long-delayed and cancelled construction projects. The land price here, especially at the city centre, is too high to let it lay in waste taken by delayed real estate projects. To solve the problem RERA’s regulatory arm, DLD has even established a special Cancelled Real Estate Projects Committee at the Dubai Court. So far, it has only listed long-cancelled projects or real estate projects never ever started after the crisis of 2008-2009. No projects from the largest Dubai developers was put on the list so far, for it would be quite a serious loss for any developer: all funds invested under construction must be returned to buyers in full.

Today, Dubai developers can’t afford delaying their large projects for indefinite period of time, thus undermining potential property investors’ confidence. That’s why, quite a large developer Union Properties has announced at a recent Cityscape Global event that it will restart its delayed The Vertx project in Dubai's Motor City. Five-tower project with a total value over AED 1 billion was shelved in 2014, however, it’s possible that works could be restarted as early as next year, said the developer.

Vertx.jpg

So far, the developer has hurled all its efforts into completion of another major project — Oia Residences, a complex of 269 apartments ,worth over AED 450 million in total. The contractor, China State Construction and Engineering Corporation (CSCEC), has already reported of the 30% project’s readiness, which is scheduled for completion before the next year end.

Another developer's project, a complex of 210 townhouses at the Green Community West launched together with The Vertx has too reached a 40 percent completion by now.

At the moment, Dubai developers expect residential market to return to a higher demand early next year. Therefore, that, what has not yet been finished, should be completed in short terms, to offer investors something new in the nearest future.

Statistics from the YouGov confirms: out of 1700 investors surveyed in GCC countries and Egypt, 36 percent expect a rise in property prices next year, while real estate remains the most popular investment asset — it is preferred by 53 percent of potential investors, while only 13% have opted equities, and 11% of respondents chose precious metals. Of all the UAE cities, Dubai was named the most appealing city for real estate investments: 64% of survey respondents have preferred this ‘future city’, according to the YouGov.

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