Home Business & Finance Danube Properties defies industry trends, sells out 76% of Phase I of the Dh550 m Lawnz project in 3 days

Danube Properties defies industry trends, sells out 76% of Phase I of the Dh550 m Lawnz project in 3 days

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DUBAI: Danube Properties, a major Dubai-based property developer, announced that it has sold 80 percent of the Phase I of Lawnz – its Dh550 million affordable housing project – within three days of the project’s launch when buyers were seeing queueing up for tokens.

The company had earlier completely discouraged wholesalers seeking to buy out blocks of apartments for re-selling, so that the end-users could benefit from the opportunities created by Danube Properties with the super attractive pricing in the market.

The Phase I of the project consists of 515 residential units, comprising studio, one-bedroom and two-bedroom hall apartments with prices starting from Dh290,000, Dh499,000 and Dh699,000 respectively.

The project is equally divided into two phases.

Lawnz, Danube Properties’ 11th project comprises of 1,064 units which will take its portfolio to 4,744 units with a development value exceeding Dh3.7 billion in four years after its foray in the real estate market in 2014.

Construction of the project is expected to start in the third quarter of 2018 with completion in 2020. Lawnz is the first gated complex at the International City with state-of-the-art amenities.

“The huge response to Lawnz reflects the fact that there is no shortage of buyers for the right quality property to be built at the right location with the right pricing and the right payment plan,” Rizwan Sajan, Founder Chairman of Danube Group, said. “Prices of a studio apartment at Lawnz starts at Dh290,000 – the lowest price for such a property that also comes with high-quality finishing kitchen appliances and bathroom amenities. This is unprecedented in the market.

“On top of that, our attractive and industry trend-setting 1 percent per month payment ensures the delivery of the property after payment of 51 percent – meaning that the customer could either move in to the apartment after paying 51 installments and save the rents to pay for the rest of the 49 installments.

“Or the property investor could repay the balance 49 installments from rental income – if the property is bought for investment purpose. This means that the buyer actually acquires the property after paying half the price of the property!”

The Dh550 million Lawnz offers 1,032 residential units, ranging from studio, one and two-bedroom apartments. The project is conveniently located at the International City Phase 1. The super lavish amenities include a massive 3.8 acres promenade which offers canal, Sunken Plaza, a fully equippedhealth club, swimming pool, steam and sauna room, multi-purpose hall, jogging track, barbecue deck, badminton court, multi-purpose court and a high tech surveillance system for the protection and security of the residents. The property also comes with a 42metres wide entrance and outdoor cinema.

Among the residential units, 50 percent of the units are studio apartments while 40 percent are one-bedroom apartments and 10 percent are two-bedroom apartments.

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.

Atif Rahman, Director and Partner of Danube Properties, says, “Ever since we started to tune in the market of the new project, our phones continued to ring from customers and brokers trying to understand the project. We have declined many requests from large investors to snap up part of the project and had decided to open the doors for the real property buyers who have been priced out by the high price in the market.

“Hundreds of property buyers lined up at our office to get appointment to buy the apartments. I am happy to announce that Lawnz has invoked unprecedented response that strengthened our self-belief in our ability to serve Dubai’s real estate market and property buyers in a bigger way. This demonstrates public trust in Danube Properties.

“Over the last four years, Danube Properties – with its customer-focused approached – has created a solid reputation in the market for delivering quality homes at affordable prices. Our customers who have moved into their dream homes offer solid testimonies of the good work put together by our team.

“Lawnz reflects our focus on community living and our strong belief in customer happiness in line with the vision of the UAE’s leadership to build a happy nation.

“The strong response of our project launched in the middle of summer season and after Ramadan, reflects the fact that Danube has defied the industry trend in a low season. Lawnz proved that buyers will continue to buy homes regardless of the timing. There is no bad timing for the launch of a good project.”

Danube has delivered 831 properties so far including the handover of 302 units within Glitz Residences 1 and 2 and 358 in Glitz Residences 3 as well as 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.

Danube Properties has so far launched 11 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. PR

Danube Project Development Fact-Sheet

 

Danube Projects Residential Units Development Value Status
Dreamz 171 Townhouses Dh500 million Delivered
Glitz Residence I 151 Units Dh135 million Delivered
Glitz Residence II 151 Units Dh135 million Delivered
Glitz Residence III 358 Units Dh350 million Delivered
Starz Tower 454 Units Dh300 million Delivery in 2018
Glamz Residence 426 Units Dh270 million Delivery in 2018
Miraclz Tower 599 Units Dh400 million Under Construction
Resortz Tower 444 Units Dh300 million Under Construction
Bayz 463 Units Dh450 million Tendering Stage
Jewelz 463 Units Dh300 million Launched
Lawnz 1,064 Units Dh550 million Launched
Total 11 Projects 4,744Residential Units Dh3.69billion Development/Delivery
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