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Dubai Union Properties seeks USD123m fund for Oia project

13 Sep 2015

(MENAFN) Dubai-based developer Union Properties said it is holding talks to secure a loan of up to USD123 million to fund a 271-unit project in the emirate, a senior executive said.

Dubai’s fourth largest real estate company by market value said it will also launch a tender for the construction contract of its Oia residential development next month, general manager said.

Union Properties is currently holding talks to fund its Oia building with an unidentified lender. The general manager predicted that the loan will be received in January or February of 2016.

“This is still under negotiation – we’ve not yet reached an agreement. We will maybe reduce the amount because if we’re starting to sell off-plan that will cover part of the construction costs,” he said.

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