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Real estate developer National Properties has signed an agreement with Union Properties to develop an upscale project at the Green Community in Motor City
Mohammad Al Ali, general manager of National Properties, said, “This project will help reiterate our vision to deliver high-end real estate on par with international standards in Dubai, while diversifying our current portfolio of real estate between yield generating assets and development projects.”
Under the agreement, National Properties, a subsidiary of National Bonds Corporation (NBC) will develop the project in two phases- the first phase will include 78 luxury villas that will cover an area of 30 658 sq m, while the second phase will include 74 luxury villas and 58 apartments across six floors spanning 39,483 sq m.
Work on the project is expected to begin in the second quarter of this year and is likely to be completed in late 2015, according to the company statement.