DUBAI: Danube Properties, a major Dubai-based property developer, has sold new homes worth Dh820 million (US$233 million) in 2017.
This translates to a daily average sale of Dh3.10 million per working day throughout the year and reflects the developer’s ability to sell homes despite tough market conditions as Danube gains investors’ trust due to strong commitment, timely delivery of projects and excellent quality of finish supplied with world class amenities.
The company, which started journey with the launch of its first project, Dreamz, in June 2014, has launched nine residential projects with 3,150 residential units with a combined development value exceeding Dh2.84 billion(US$773.84 million) since then.
“The year 2017 has been very significant for Danube Properties as we started delivering our promises – the dream homes to our clients – in this landmark year when we sold Dh820 million worth of properties,” Atif Rahman, Director and Partner of Danube Properties, said. “In 2017, we launched two new projects – Resortz and Bayz – together having 875 apartments with a combined development value exceeding Dh750 million, all sold out.
“So far, we have sold out almost all of the projects that we launched since the announcement of our first project in June 2014. We have delivered 302 residential units in Glitz Residences I and II at Dubai Studio City in 2017, while 529 more units are being readied for handover in the next few weeks.
“We also awarded five construction-related contracts with a combined value exceeding Dh392 million in 2017 – a year we 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.
Prior to that, Danube Properties awarded a Dh10 million piling and shoring contract to Atlas Foundation for Miraclz Tower and a further Dh4 million piling and shoring contract for Resortz project.Recently Danube Properties has awarded a Dh11million piling and shoring contract for its latest project – Bayz at Business Bay as well.
“So, as it stands, we do not have any unsold projects now. All our announced projects are sold out and remains either in the process of delivery or construction – that reflects our strong commitment to the property buyers,” Atif Rahman said.“As a developer, we launch a project once the previous project is sold out and it helps us to clearly focus on sale and project construction for each of the projects. Once we close the sale, we then put the project on tender and construction starts as the buyers keep making payments as per agreed payment schedule.
“This process helps us to complete each stage of the project – from concept, design, secure permission, sale and marketing, tendering, construction, completion, payment and delivery to complete the life cycle of the project.
“These construction contracts reflect our deep commitment to our largest stakeholders – our valuable property buyers and investors – who have put their trust and hard-earned life savings in our projects to receive the keys to their dream homes.”
Danube Properties, part of Dubai-based diversified conglomerate Danube Group, has launched nine residential projects, of which two 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.
Construction Contract Awarded by Danube in 2017
|Project Name||Scope of Work||Contractor||Contract Value|
|Miraclz||Main Construction Work||Naresco Contracting LLC||Dh221 million|
|Resortz||Main Construction Work||Dubai Walls Construction||Dh146 million|
|Miraclz||Piling and Shoring||Atlas Foundation||Dh10 million|
|Resortz||Piling and Shoring||Atlas Foundation||Dh4 million|
|Bayz||Piling and Shoring||Dh11 million|
|Total||5 Contracts||Dh392 million|
Danube Project Development Fact-Sheet
|Danube Projects||Residential Units||Development Value||Status|
|Dreamz||171 Townhouses||Dh500 million||Ready for Delivery|
|Glitz Residence I||151 Apartments||Dh135 million||Delivered|
|Glitz Residence II||151 Apartments||Dh135 million||Delivered|
|Glitz Residence III||354 Apartments||Dh350 million||Ready for Delivery|
|Starz Tower||452 Apartments||Dh300 million||Under Construction|
|Glamz Residence||418 Apartments||Dh270 million||Under Construction|
|Miraclz Tower||591 Apartments||Dh400 million||Under Construction|
|Resortz Tower||419 Apartments||Dh300 million||Under Construction|
|Bayz||456 Apartments||Dh450 million||Tendering Stage|
|Total 8 Projects||3,165 Residential Units||Dh2.84billion||Development/Delivery|