Union Properties has put a Dh1.5 billion ($408.4 million) price tag on its unopened Ritz-Carlton hotel at the Dubai International Financial Centre .

Union Properties, which lost about 90% of its value in the past 18 months as the property downturn forced developers to delay or cancel projects, is depending on asset sales and rentals to boost its income.

Credit Suisse last week said the shares were worth close to zero because of the big debt burden.

The National