Danube Properties, a major Dubai-based property developer that launched its tenth project – the Dh300 million Jewelz in March 2018 – has sold out 85 percent of the inventory, or 393 units of the 463 apartments in two months of the launch of the project.
“Jewelz has appealed to the masses in a big way – offering more than 15 percent return per annum that no financial products in today’s market can match,” Rizwan Sajan, Founder Chairman of Danube Group, said. “As a property developer, we have developed the product and the payment plan in such a way that the project appeals to the middle income families with limited income. Jewelz has captured the imagination of the property buyers in a big way. Selling of a project in just two months is a huge achievement in today’s market.”
The Dh300 million Jewelz offers 463 residential units, ranging from studio, one and two-bedroom apartments. The project is attractively located on a plot adjacent to the park with a private entrance leading to the property. The amenities include a fully equipped health club, swimming pool, steam and sauna room, multi-purpose hall, jogging track, barbecue deck, badminton court, paddle tennis court and a high tech surveillance system for the protection and security of the residents.
The building design and architectural aesthetic was created to reinforce the design strategy of Danube, which helps maximise the living space while delivering convenience of community living. The project dedicates 50 percent space to open areas with an emphasis on greenery and landscapes.
Construction of the project, which is currently in tendering stage, will start in summer this year and slated to be delivered before the Expo 2020 mega event in October 2020.
The launch of Jewelz takes its total development portfolio to 3,680 residential units, worth Dh3.14 billion.
Atif Rahman, Director and Partner of Danube Properties, says, “The attractive 15+ percent return on investment (RoI) has attracted a lot of property buyers and investors to invest in Jewelz as it offers one of the highest returns on investment in Dubai’s real estate. In addition to its location and the five-star facilities, Danube’s industry leading 1 percent per month payment scheme has helped attract a large number of new home buyers – who were earlier priced out of the market due to the abundance of luxury properties flooding the market.
“With our smart marketing and 1 percent per month payment, we were able to offer luxury at an affordable price. However, the monthly payment has also lessened the buyers’ burden of payment and that has encouraged the middle income families to put their life savings at our properties.
Danube has delivered 827 properties so far including the handover of Glitz Residences 1 and 2 with 302 and Glitz Residences 3 involving 354 residential units and 171 townhouses at Dreamz project till March 2018. It will deliver a further 870 units later this year.
Danube Properties, part of the Danube Group, entered Dubai’s real estate market in June 2014 with Dreamz at Al Furjan – which was sold out at launch. Established in 1993, Danube Group, the UAE’s largest supplier of building materials and home furnishing, this year celebrates 25th anniversary.
In 2017, Danube awarded five construction-related contracts with a combined value exceeding Dh392 million a year it started delivering homes. These include a Dh221 million main construction contract recently awarded to Naresco Contracting LLC to deliver Miraclz Tower near Miracle Gardens at Arjan that will host 599 units including 591 apartments. The 28-month contract will see the project delivered by the end of 2019.
Danube Properties has also awarded a Dh146 million contract for the main construction package for the Resortz project to Dubai Walls Construction. The 17-month contract will see the project gets ready for occupancy by the second quarter of 2019. Resortz will host 444 units including 419 apartments, 25 retail outlets, landscaped environment that appears more like a five-star resort, than a residential compound.
Danube Properties has so far launched ten residential projects, of which four have been delivered, two are getting ready for delivery while four others are at various stages of construction and one in tendering stage.
The company has one of the fastest development-to-delivery ratio in the region’s real estate market where timely delivery of properties remains a major challenge. That way, Danube Properties’ performance in construction and delivery is helping strengthen buyers’ trust in real estate.