Dubai: Danube Properties is all set to sign off on three new projects in Dubai for a combined Dh1.5 billion, containing a broadly re-designed residential community on Sheik Mohammed Bin Zayed Road.
“There’s no reason to hold back on launches – and off-plan sales – forever,” said Atif Rahman, Director, and Partner at the real estate arm of Danube Group. “It won’t make sense for developers to keep waiting for demand and supply to balance – sometimes it’s good to make things happen.”
Over the previous two years, developers in Dubai have been relatively quiet with launches, as worries grew that the huge number of new homes added will make an excess of supply and add to the price falls. This year, another 30,000 or more homes ought to be prepared.
But in recent weeks property sales – particularly completed homes – picked up significantly and could soon stretch out to off-plan deals. This is the reason developers like the Danube need to be prepared with new projects when investors come calling.
Stick to affordable
One of the projects being launched is a community off Sheik Mohammed Bin Zayed Road. It was in 2019 that the Danube had at first spoken about launching this one. Rahman reckons now is a fun opportunity to bring to the front, however with critical changes.
“We went in for a total revamp on the design and masterplan from what was deemed attractive for homeowners two years ago,” said Rahman. “We updated the product to be right for the times – that means more internal space, more areas for fitness activities, lots of green.”
The one thing the Danube has no goal to do is upscale its forthcoming projects. Of late, villas and townhouses are hot property in Dubai, finding buyers at apparently quicker rates than apartments.
Rahman acknowledges that there are buyers going gaga over villas and townhouses,” he added. “That’s still a limited segment of the market – we foresee a shift to affordable apartments happening soon. Developers though will have to give far more thought to space planning than was the case two years ago. Today’s buyer requirements are totally different – for developers, it’s a fight to achieve better.”
The portfolio needs a reload
Danube’s portfolio remains at 14 projects, of which nine are delivered, including the Dh450 million G+29 storey Bayz at Business Bay. As far as feel and area, Bayz has been a serious advance for the Danube, which has focused on raising freehold areas for the bulk of its work. The other delivery is for the Miraclz in Al Barsha South.
“So far, we are seeing very little secondary market activity for units at these two projects,” he added. “As with other of our projects, we are able to attract end-users. That plays to our strengths – it’s the same formula we will use in the upcoming three launches.”
To be decided
Whether the launches happen immediately or wait until after summer is to be finalized. After the community, the following will be a high-rise. Rahman was quick to emphasize it’s not going to be a standard-issue residential tower.
“One thing I can assure is that it will not be a plain vanilla vertical,” he said. “We found the right location to try something different.
“I personally feel the city needs more of communities. As a developer, we intend to let homeowners decide what they want. We build to their needs.”