UP to develop 5m sq ft retail space in MotorCity
Dubai, October 6, 2008
Leading real estate developer Union Properties (UP) will develop 5 million sq ft of high street retail, commercial and hospitality space in MotorCity.
Motorcity is based on a unique automobile and motor sport theme and includes residential, business and leisure opportunities. The project’s construction has commenced and is due for completion in 2010.
“We are delighted to announce the development of the unique high street retail, commercial and hospitality area within MotorCity,” said Simon E Azzam, chief executive officer, UP. “The new development will include a total of 11 buildings that will stretch through MotorCity.”
“MotorCity is ‘a city within a city’ with five project components that includes: Dubai Autodrome, F1-X Dubai, Business Park MotorCity and its two residential components of Uptown MotorCity and Green Community MotorCity,” he added.
With easy access from the MotorCity interchange, the high street retail, commercial and hospitality area will stretch through MotorCity. The buildings along this stretch will vary from four to ten storeys in a total Built Up Area (BUA) of 5,000,000 sq ft, and total leasable area of 2,250,000 sq ft with 4000 basement parking spaces and 800 surface parking spaces.
The retail area will comprise 600,000 sq ft space with a retail mix that will include boutique outlets, anchor stores, department stores, food & beverage, hypermarket, fashion & apparel stores, jewelry, furniture and home accessories, entertainment and specialty stores.
Office space will cover an area of 1,550,000 sq ft for small to medium sized offices starting from 1,000 sq ft up to 10,000 sq ft. The hospitality space will account for boutique hotels and serviced apartments.
UP, a 2008 recipient of the Mohammed Bin Rashid Al Maktoum Business Award for Real Estate Development, is showcasing its current developments Index, Limestone and its signature ‘MotorCity’ at Cityscape Dubai 2008.-TradeArabia News Service