Dubai-based developer Union Properties (UP) is planning to tender the construction works for its AED1.2 billion ($326.7 million) Vertex Towers project in January 2016. “Next month, we are going to launch the enabling tender for the project. We will be floating the main construction works tender, most probably, in January next year,” said Ahmad Khalaf Al Marri, general manager of UP. The project is in its final design stage, he said. Designed by Agostine & Raphael Group, The Vertex will consist of five high-rise towers ranging 20 and 45 storeys located at the entrance of the Motor City, UP’s master development on Sheikh Mohammad Bin Zayed Road.
The freehold buildings will house 700 units and 66,000 square feet of retail space. The project is scheduled for completion in 2019, with the first two towers likely to be delivered in early 2018. The Motor City is an automobile and motor sport theme park by the developer comprising five components: Dubai Autodrome, F1-X, Business Park Motor City, Uptown Motor City and Green Community Motor City.In February 2015, UP had sold its AED200 million ($54.5 million) Auto Mall, Motor City project, which it was planning to convert into a shopping mall, to Texture Global Investment for AED525 million ($142.9 million).