KHALEEJ TIMES, Wednesday, Nov 15, 2017 | Safar 26, 1439
Union Properties posts Dh116m revenue in Q3
Real estate developer Union Properties reported
on Tuesday revenues of Dh116 million fort he third quarter of 2017, compared
with Dh253 million for the same 2016 period.
While the third quarter saw
Union Properties diversify its operations with two new subsidiaries, its
operating expenses in the same period fell to Dh161million, compared with Dh221
million in the same 2016 quarter.
In a statement, the company
said the decrease in both revenues and operating expenses was primarily in
relation to the managed wind down of Thermo LLC, a subsidiary of Union
Properties that undertakes contracting work.
The company reported a net loss
of Dh45 million for the three months ending September 30, compared with a net
profit of Dh32 million in the corresponding period of last year. Nasser Butti
Omair bin Yousef, Chairman, Union Properties, said the third
quarter of has
seen Union Properties continue to take the steps required to achieve sustained
growth over the long-term.
"With our operations now refocused around the company's new strategic direction,
we are moving forward as a stronger and more efficient company with the
capabilities to seize new opportunities both in the UAE and internationally,"
The third quarter of 2017 saw Union Properties unveil a new masterplan for its
flagship MotorCity development in Dubai with a completed value of more than Dh8
billion. It will comprise of 44 new high and low rise buildings, more than 150
villas, and a wide range of residential, commercial, entertainment and
hospitality facilities, Union Properties said.
Union Malls, one of the two new
fully-owned subsidiary companies launched by Union Properties in third quarter, provides
retail and leisure options in Union Properties developments. Its inaugural mall
will be "The Central," a 100,000sqm complex located in MotorCity spread over
four floors offering shopping retail, dining and a wide range of leisure
options, the statement said.
The developer said the second subsidiary, Al Etihad Hotel Management, would
develop and manage luxury hotels and furnished residences in Dubai. It 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. It
launches with a pipeline of three hotel projects in MotorCity under development.