UAE’s fastest-growing developer launches 9 projects in 18 months while it prepares to deliver three projects this year
Date: Dubai, UAE, August 5, 2023
News Highlights:
- Danube Properties sold out Elitz-2 within a month of its launch; guarantees 6% return on investment
- Danube Properties has so far launched 24 projects involving 11,529 units crossing Dh10 billion so far;
- Danube Properties has delivered 4,555 so far units with a combined sales value of Dh3.63 billion;
- The launch of the Elitz 3 projects comes after Dubai’s real estate market has seen an unprecedented surge in the number of real estate transactions reaching 60,440 worth Dh 177.3 billion being recorded during the first half of the year;
Danube Properties, the fastest-growing private real estate developer in the UAE, announces the launch of Elitz 3 at the Jumeirah Village Circle (JVC), with a development value exceeding Dh 800 million at a star-studded event at Danube Sports World. The project will be in the same area as Elitz and Elitz 2 towers – which are currently under construction at the JVC – and help meet the growing demand for quality homes.
When completed in the fourth quarter of 2026, the twin-tower project Elitz 3 will rise 40 and 46 floors high and deliver 750 residential units including studio apartments, 1-bedroom, 2-bedroom, and 3-bedroom apartments, and a few retail stores. Like most other Danube projects, homes at Elitz 3 also come with more than 40 community, health, and lifestyle amenities including a health club, swimming pools, sports arena, tennis court, barbecue area, and jogging track, among other facilities.
Elitz 3 is Danube Properties’ 24th residential project and the 9th project to be launched in the last 18 months, which translates to one project launch every two months – making it also the busiest and the fastest-growing private real estate developer in the UAE.
With Elitz 3, Danube Properties’ project portfolio stands at 11,529 units spread across 24 projects with a combined development value exceeding Dh10 billion so far.
“Dubai’s real estate market continues to defy global economic slowdown due to its dynamism and attractiveness and we see sustained growth soon, which reinforces our firm belief in the market. This is what has encouraged us to launch Elitz 3 within just a month after launching Elitz 2 at the Jumeirah Village Circle (JVC),” Rizwan Sajan, Founder, and Chairman of Danube Group, said.
“The UAE’s leadership in handling the COVID-19 pandemic and managing the post-pandemic recovery has drawn the attention of the global investor community who have started to relocate their resources to the UAE, as evident in the growing number of tourists, businessmen, new business set up and purchase of both off-plan and ready-to-move-in apartments and villas.
“The launch of the Elitz 3 comes after Dubai’s real estate market has seen an unprecedented surge in the number of real estate transactions reaching 60,440 worth Dh 177.3 billion being recorded during the first half of the year. The value of real estate sales recorded in the first six months of the year exceeds the annual sales value recorded each year in Dubai from 2009 to 2021.
“Real estate is currently the biggest driver of Dubai’s economy that is attracting a large pool of domestic and foreign investment.”
Prices of residential units start from Dh 699,000 (US$190,305) for a studio apartment, making them an attractive proposition for home buyers and investors who could benefit from the continuous price appreciation as the real estate sector is witnessing an increase in demand. Danube Properties’ homes come with an attractive payment plan with a trend-setting 1 percent monthly payment plan, following the initial deposits – making home acquisition more affordable and attractive.
The homes are usually delivered around mid-way through the payment plan, which means the buyer can move into the apartment after paying 65 percent of the total value of the property. This helps homeowners extract additional value either by increasing savings on the rent or by paying the equated monthly installments (EMI) from the rental income.
Danube Properties maintains a policy of launching one project at a time, selling it out, and then appointing a contractor to build the project, before launching the next one. It has delivered 11 of them while the rest are currently under various stages of construction.
In addition to launching projects and building them, Danube Properties will also deliver three projects this year including Wavez, Jewelz, and Olivz. Most of the projects launched in 2022 and 2023 are ahead of the construction and delivery schedule.
“Elitz 3 comes with more than 40 lifestyle facilities that offer luxury and larger-than-life lifestyles to homeowners who will be pampered with the best of the best that is available in the market. With the increased number of lifestyle facilities and amenities, we are gradually expanding and upgrading the comfort level to our buyers who see an increasingly greater value in our properties,” Rizwan Sajan says.
“Our trend-setting 1 percent monthly payment scheme is helping more and more tenants to buy property and enjoy living in their own homes which has increased the number of freehold homeowners in the UAE.”
Elitz 2 homes will be smart and sustainable homes and will consume less energy – in line with the “Year of Sustainability” ahead of COP28.
Danube Properties offers homeowners a 10-year Golden Visa – especially those who qualify as per the investment criteria – subject to government approval. As a testament to the Dubai Land Department trust, the DLD also signed an agreement with Danube Properties to offer an Initial Sale Contract (Oqood) to property buyers almost instantly.
Danube Properties last year launched and sold out five projects with 2,099 homes worth Dh2 billion. As one of the most successful developers in the UAE with the highest launch-to-delivery ratio, Danube Group has recently delivered Bayz, Elz, Glamz, Lawnz, Resortz, and Starz, and while it is preparing to deliver three more projects this year. All these projects have been greatly appreciated by those who have bought units in them.
About Danube Properties
Danube Properties, part of the Danube Group, made its foray into the real estate market in June 2014, by launching the Dh500 million 171 townhouses at Al Furjan. Since then, it continued to expand its development portfolio by launching Glitz Residence I, II, III, Starz, Glamz, Miraclz, Resortz, Bayz, Jewelz, Elz, Lawnz, Wavez, Olivz, Skyz, Pearlz, Gemz, Opalz, Petalz, Elitz I, Viewz, Fashion and Elitz II projects.
The company currently has a development portfolio of 11,529 units, with a combined value exceeding Dh10 billion. It has so far delivered 4,555 units with a combined sales value of Dh3.63 billion.
About Danube Group
Danube Group is a Dubai-based diversified business conglomerate with interests in building materials, home décor, and real estate development. Established in the year 1993 by Founder and Chairman Rizwan Sajan – a UAE-based entrepreneur – Danube Group has achieved US$1.3 billion (Dh5 billion) annual turnover in 2019.
The group’s flagship company, Danube Building Materials FZCO, is the largest supplier of quality building materials in the Gulf Cooperation Council (GCC) countries. It provides more than 25,000 products in stock and in-house value-added services in all of its multiple sets of showrooms across the Middle East region and India.
The company operates from its head offices in JAFZA with logistics facilities across the region which amounts to 5 million square feet and includes a kiln drying facility, factory, and warehouses of the group.
From a small trading firm, Danube has grown into one of the largest building materials companies in the region, with its diversified branches worldwide including UAE, Oman, Bahrain, Saudi Arabia, Qatar, and India, in addition to procurement offices in China and Canada.
Danube Home is one of the largest home décor retailers in the GCC with a growing footprint across the region.
Danube Group employs more than 4,200 people across the GCC and India, representing 44 nationalities.
