Kipp parses HSBC’s most recent report...May 4, 2015 12:21
UP vs Damac
Both are Dubai-based mega-developers, but which one would you invest your hard earned cash with?
Union Properties (formerly Union Properties Private Limited) was established in 1987 with a net asset worth of AED1 million. Over the course of 20 years, the property developer has built and launched over 24 projects, including high rises and master developments. Today, UP is considered one of Dubai’s most experienced developers. UP is part of the Emirates Bank Group. It’s not an exciting history. Score: 5
UP’s projects vary from single towers to large scale communities throughout Dubai. A number of its projects are centered around the creation of ‘communities’, such as UPTOWN Mirdiff and the Green Community. The service charges are high (some Green Community residents pay up to AED18,000 annually), but the communities boast enviable public spaces rarely seen in Dubai. Score: 8
In 1993, UP floated as a public company, thus forcing it to publicize its financial details. The most recent financial report found on the developer’s website details the company’s 2008 Q3 financials. According to the report, UP’s total sales for the nine months period ending on September 30, 2008 was 301.81million, a 25 percent drop from the same period in 2007. Profits are down, but at least the public knows about it. Score: 9
Like most developments in the UAE, UP’s projects aren’t always completed on time. Buyers are not compensated for the inconvenience caused by the delay. However, the employees at the service centers and the management offices are helpful. Score: 5
Other than the deal UP signed with the Formula One Administration (FOA) to develop F1 themed projects around the world, UP’s developments are all located within the UAE. Score: 3
Final Score: 30
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