Dubai to get Champs Elysées-style strip

Union Properties, a Dubai-based publicly listed company, will launch a project replicating Paris’ famous Champs Elysées in Motor City by mid-2014, company Chairman told Emirates 24|7.

"Though we are planning to launch our project after a few years, we are now looking at launching it by mid-2014," Khalid Bin Kalban said.

The Champs-Élysées Street in Paris is one of the most expensive strips of real estate in the world.

Last year, the developer said it plans to launch six new projects worth Dh1.5 billion, which will include expansion of the Green Community in Motor City and The Ribbon, a retail development.

Apart from launching of the 'Champs Elysées project', Kalban said the company would launch five towers of 20 to 35-storeys in Motor City.

"We are working on the concept designs. We plan to sell the concept to investors."

Emirates 24|7 revealed earlier that Union Properties had been approached by investors who wished to buy two out of the six project it plans in 2014 in concept design stage to an investor.

The developer's net profit jumped to Dh1.58 billion in 2013 from Dh175.8 million in 2012 with revenues reaching Dh4.49 billion compared to Dh1.87 billion.

The company also recommended a 5 per cent bonus share dividend to shareholders for 2013.

[Image via Shutterstock]
 

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