Dubai's Union Properties is willing to sell all any of its projects if it receives a fair price, its chairman told UAE newspapers.

The third-largest developer in the Gulf Arab emirate has been hit by the global downturn, which has sent prices in Dubai's once-booming property sector tumbling some 50 percent from their peaks in 2008.

The developer has received offers for its Ritz Carlton hotel in Dubai which the debt-laden firm is hoping to sell for about AED1.5bn ($408.4m).