Danube Properties: Setting new benchmarks in affordable luxury

From one of Dubai's biggest building materials suppliers to a fast rising developer with a slew of sold-out projects, Danube Properties, a part of the Danube group, is setting a scorching pace with its brand of affordable luxury housing projects, writes Rajesh Kulkarni.

Established in 1993, Dubai-based Danube Building Materials has grown from a small trading firm into one of the largest building materials company with a network of 40 branches worldwide.

It offers more than 25,000 products and value-added services and is involved in major projects across the UAE, Oman and Bahrain such as the Burj Al Arab, Shangri-La Hotel, Grand Hyatt, Burj Khalifa and Dubai Airport Terminal 3, among others.

Buoyant on its growth prospects, the group announced its grand foray into the real estate development business in 2014 with the launch of Danube Properties, a wholly-owned subsidiary of the group.

Focused on the mid-market segment with the promise of offering luxury living at affordable prices, the company launched its first project - Dreamz - an AED 500 mn project featuring 175 luxury townhouses within the fast developing Al Furjan community.

Scheduled for completion sometime next year, this lavish residential project offered 3 and 4BHK townhouses with a built up area ranging from 2,500-3,000 sq ft with prices starting from AED 2.5 mn onwards.

Speaking at the launch of the Dreamz project at Dubai's Grand Hyatt, the group's dynamic chairman and founder Rizwan Sajan, had revealed that the company's entry into the real estate business was in line with his 'careful study of the needs of UAE's property market'.

He further added that having been in the building materials business since long, the group was perfectly placed to offer the best prices to the customer. According to Sajan, the decision to enter the realty development market was a reflection of the group's firm commitment the UAE market, by re-investing the company's resources to help the real estate market expand further.

Priced from a reasonable AED 2.5 mn for a 3 BHK townhouse, the 171 villa project generated a huge interest among buyers with the result that when it eventually went on sale, the villas sold out on the day.

Encouraged by the enthusiastic response from both buyers and investors the company unveiled its second project in the Dreamz series with the launch of Glitz Residence 1, 2 & 3, based on a residential lifestyle concept for Dubai's new urban generation in December 2014.

The project offers a selection of 292 units in the configuration of Studio, 1, 2 and 3BHK contemporary styled apartments, ranging from 470 - 1,645 sq.ft., in each apartment block of eight levels.

Glitz by Danube is located at Dubai Studio City, a vibrant residential development located just minutes from the famous Mall of Emirates and Sheikh Zayed Road on Umm Suqeim road, off Studio city, the film production and television & video production destination of Dubai.

The project is a gated community with round-the-clock security, a lavishly-designed grand lobby with water theme, leisure deck with barbeque station, rooftop mini golf, two open air gardens with gazebo (at podium level), an air-conditioned kids play area and party hall, health club with Jacuzzi, steam room and sauna, rooftop swimming pool and several retail, F&B and a convenience store at the ground level.

Incredibly enough, apartment units in the AED 300 million ($81.6 million) affordable luxury apartment project put on sale in January this year, sold out within the first two hours of going on sale.

Earlier in May this year, Danube Properties launched the next phase of its Dreamz by Danube project with the unveiling of its US$100mn Glitz 3 collection of apartments in Studio City.

The project will house approx 352 apartments housed in twin towers targeting the mid-income buyer with prices beginning from US 130,000 (approx AED 475,000). This project is the third to be launched in the Dreamz by Danube Glitz series within one year, with a total value of US$ 326 mn (approx AED 1.2 billion).

Speaking at the launch of the project, the group's chairman and founder Sajan said, "Followed by the phenomenal success and 100 percent sell out of Glitz 1 & 2, Glitz 3 poses as a vibrant example of urban upscale community living that offers exceptional value across all aspects".

He also announced that buyers could choose from a variety of floor plans and layouts and will be able to avail of a flexible payment plan, paying one percent per month after the initial down payment.

Glitz 3 has studio, one, two and three-bedroom apartments in the two towers of eight storeys each with prices ranging from AED475, 000 for a studio to AED 1.2 million for a three bed apartment.

Elaborating further on the project Sajan revealed, "Glitz 3 is ideal for families and professionals, our project stands out for its high standard of finishes and amenities. The location catering to the urban upscale community has been deliberately chosen to appeal to our potential investors and buyers. We are confident the new project will set another benchmark of excellence for Danube."

Inspite his best intentions, Glitz 3 has not generated the same frantic rush of buyers as its two previous launches, courtesy the ongoing slowdown in Dubai's housing market. But to its credit, the company has still managed to sell more than 200 units thus far, but has more than a 100 units still waiting to find buyers, according to media reports.

While admitting that the response has been a little below par, as per his own high standards, Sajan remain largely unperturbed stating that the project was still getting a better response than some other private developers.

Citing the larger inventory as one of the reasons why sales have been a trifle slow, he is confident that his company's impressive track record and reputation will prevail in the end. All of the Glitz towers should complete by the end of 2017, is his solid assurance.

Having already sold a massive AED1.2bn worth of properties since its launch about a year ago, Sajan's confidence is not unfounded. Already the man himself is on the move to find a plot for the company's fourth project, which he hopes to announce before the end of the year.