The mixed-use project, called Takaya, will be located in Dubai Motor City, the company said in a statement on Tuesday.
Construction is expected to begin in the third quarter of 2023, with delivery expected in the fourth quarter of 2025.
Amer Khansaheb, board member and managing director of United Properties, said the launch of Takaya is a symbolic moment for United Properties.
"It underscores the continued success of our transformation strategy, enabling us to return to the market with such a unique and high quality mixed-use real estate offering in a premium and highly sought-after area of Dubai."
United Properties, which began operations in 1987 and is best known for building Dubai Motor City, has long struggled with debt and mismanagement.
Accumulated losses through the first half of 2022 stood at Dh2.94 billion, or more than 68 percent of its capital. in October, the Dubai Financial Market-listed developer completed a Dh595 million debt restructuring, including repayment of Dh223 million to lenders, as part of a comprehensive restructuring plan.
The company expects the restructuring to reduce financing costs and improve its cash flow generation and access to financing for future real estate projects.
With the completion of the debt restructuring, coupled with an attractive land bank and deep real estate development expertise, Khansaheb said the company is now "well positioned to capture more opportunities in the UAE's booming real estate market."
Developers are rushing to cash in on Dubai's real estate boom.
Aided by visa reforms and investor-friendly policies, Dubai has rebounded from its 2020 slump to become one of the fastest growing markets in the world.
According to a recent CBRE report, total transactions in Dubai's residential market climbed more than 72 percent in October 2022 compared to the previous year, with average prices rising by more than 9 percent.
Shares in United Properties jumped more than 2 percent to Dhs0.28 at the opening of the market, with more than 12 million shares traded.
