Union Properties sells Ritz Carlton in Dubai to pay off debts

Union Properties sells Ritz Carlton in Dubai to pay off debtsDubai’s third-largest developer, Union Properties, has announced the sale of its Dubai Ritz Carlton property.  The proceeds of the sale will go to pay back some AED700 million in debt.  The hotel at the Dubai International Financial Center was sold for about AED1.1 billion.

Real estate prices in the Emirates have dropped more than 60% since the height of the property boom in 2008, and are expected to drop as much as 25-30% more in the next two years due to an oversaturation of the market.  Union Properties has seen a boost to its bottom line after the sale, with profits rising 64% in the first quarter over the previous years numbers, but profit projects are not all optimistic due to the company’ amount of outstanding debt.

 



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Dubai’s third-largest developer, Union Properties, has announced the sale of its Dubai Ritz Carlton property.  The proceeds of the sale will go to pay back some AED700 million in debt.  The hotel at the Dubai International Financial Center was sold for about AED1.1 billion. Real estate prices in the Emirates have dropped more than 60% since the height of the property boom in 2008, and are expected to drop as much as 25-30% more in the next two years due to an oversaturation of the market.  Union Properties has seen a boost to its bottom line after the sale, with...

Union Properties sells Ritz Carlton in Dubai to pay off debtsDubai’s third-largest developer, Union Properties, has announced the sale of its Dubai Ritz Carlton property.  The proceeds of the sale will go to pay back some AED700 million in debt.  The hotel at the Dubai International Financial Center was sold for about AED1.1 billion.

Real estate prices in the Emirates have dropped more than 60% since the height of the property boom in 2008, and are expected to drop as much as 25-30% more in the next two years due to an oversaturation of the market.  Union Properties has seen a boost to its bottom line after the sale, with profits rising 64% in the first quarter over the previous years numbers, but profit projects are not all optimistic due to the company’ amount of outstanding debt.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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