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Oba Residence to be completed by 2018

UAE - September 28, 2015
الإتحاد العقاريه

Union Properties – the fourth largest real estate investment company listed on the Dubai market- revealed its intention to get a loan worth 450 million dirhams (123 million dollars) in order to finance its newest project “Oba Residence” which consists of 271 housing units.

The contract to build the project is expected to be tendered next month and to be awarded in January or February.

The company did not disclose yet the name of the bank it will borrow the money from where it announced that the amount may be reduced as the off-plan sale will cover part of the construction costs.

The company announced that the signing of the loan is supposed to be by the middle of 2016, whereas the project will be fully completed by 2018.

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