Wednesday 22 May 2019

Union Coop to float tenders for UAQ mixed-use project

DUBAI, February 18, 2019

Union Coop, the largest consumer co-operative in the UAE, has announced that it will be floating tenders in July for the 191,742-sq-ft Umm Al Quwain Coop Project, a mixed-use development coming up in the northern emirate.    

The announcement comes following the approval for the project plan from the municipality of Umma Al Quwain last month.

Currently, the soil examination and topographic inspection work is under way at the site and the final drawings of the project are expected to be completed by April 28.

Unveiling the details, Union Coop said the new project will be located in Al Salma 3 area of Umm Al Quwain, besides the fruit and vegetable market, opposite Sheikh Khalifa Hospital.

It will be a two-storey building with a basement, ground and two upper floors with an estimated built-up area of 191,742 sq. ft.

The ground floor will consist of 15 shops with an area of 15,904 sq ft and a hypermarket covering an area of 35,732 sq ft. In addition, there will be 70 residential apartments distributed between first and second floor, with a total area of 8,494 sq ft, said the statement from Union Coop, which is managing the entire project.

The basement and a part of the ground floor will be allocated to parking areas with up to 177 parking spaces in addition to the 250 outdoor parking spaces.

Work on the project is likely to start this August and is expected to be completed by October 2020, it added.

Union Coop CEO Khalid Humaid bin Diban Al Falasi said the IPO of the project was completed last February followed by the selection of the consultant through a tender in May.

A total of 18 engineering consulting firms had taken part in the bidding process, out of which ‘Future Art Engineering Consultancy’ was given the Dh40-million ($10.89 million) contract to design and supervise the construction works.

"The drawing strictures of the land have been adjusted in line with the interest of the project as a whole, with changes like increase in height of the building to become a basement, ground floor and two floors instead of the earlier plan of just basement, ground and first, thereby increasing the construction area by 33 per cent,"  explained Al Falasi.

"This also included the approval to change the use of the first floor from commercial, to the use of both first and second floors as residential in order to fullfil the needs of the area and to maximise the ROI (return on investment) for the shareholders," he added.-TradeArabia News Service


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