Looks like the yearning for affordable residential units in Dubai residents is here to stay. Economical properties are so high in demand that developers launching such projects with flexible payment plans are more than positive about booming sales. A similar confidence was reflected in the comments of Danube Properties Chairman Rizwan Sajan when he launched the new Glamz I project in Dubai the other day.
“Rather than only Glamz I, I should have also launched II, III, and IV. I know this will be sold. Before Ramadan, I will be out of this. Within one month, I expect everything will be taken by investors,” he said.
The Glamz project is worth AED 300 million and is planned to be built next to the existing Starz by Danube project in Al Furjan. Once completed the project would add 418 residential units to the area.
Unlike many other developers in Dubai, Danube has a strict development plan. The company only buys plots for schemes and launches new project there once it has started construction work on its previous projects. The company chairman said he wanted to stick to the plan despite overwhelming demand, and preferred refraining from being greedy.
“However good we are selling, I don’t want to be greedy. I don’t want to be in a situation where I launch three or four projects at a time and then I get stuck. Then I have to leverage with the banks. I would rather be happy making a small profit, go one step at a time and move forward.”
Looks like the developer has really wizened up to come up to speed with the property market trends of Dubai. Danube General Manager Atif Rahman said that construction work on Glamz would begin within two to three months and the project was due for completion by September 2018.
Currently, Danube has a development portfolio worth AED 1.8 billion, which comprises 1,711 apartments and town houses. The developer said 85 percent of its launched projects had been bought by end-users who were preferring to buy instead of renting in Dubai. There are still some units available within Dreamz and Glitz III projects and prospective buyers can benefit from them if they act fast.
The developer said it was already in negotiations for another plot, which it hoped to secure by the end of the month. The new plot will be utilised to develop a new project which the developer plans on launching before Cityscape, and then another before December.