Dubai: Danube Properties has unveiled its first offplan project in 18 months, a Dh475 million residential high-rise to be located next to Miracle Gardens in Arjan community. In addition to keeping prices below Dh1 million, the developer is sticking to a monthly payment plan of 1%. It will start selling on October 30.
The launch of ‘Skyz’ comes as developers in Dubai are slowly returning to launch mode. Saudi Arabia’s Dar Al Arkan announced the launch of a luxury tower (in association with Missoni), while Damac revealed a tower bearing the Cavalli brand. There were also launches from Samana and Nshama.
For Danube, the latest project too plays to its strengths, “which is to convert tenants in Dubai to think of buying their own homes,” said Rizwan Sajan, Chairman and Managing Director of Danube Group.
Studio apartments are available for Dh400,000, one-bedroom apartments for Dh600,000 or more, and two-bed apartments for Dh800,000 plus. “The intention was to keep the prices below Dh1 million compared to what’s available in the immediate neighbourhood,” said Sajan. “And then offer more features into the units and project – at the price of something that you get at Discovery Gardens.”
For a studio at Skyz, the base cost works out to a 10 per cent down payment and Dh16,000 for registration fees and such, while for a one-bedroom, it is 10 per cent plus Dh24,000. The rest will be paid at 1% per month. Skyz aims to complete the project by 2024. (It is near the Miraclz high-rise that the developer recently completed.)
Keeping prices in check
Developers have seen sharp increases in the cost of most of the building materials. “For us, the increases have been in the 20-25 per cent range, but I will say these are still manageable,” he added. “Plus, for 60-65 per cent of the material requirements, we source in-house and that too helps manage costs.”
Utilize time constructively
In these 18 months, Danube focused on completing its existing projects instead of launching new ones. “We handed over a few and will also finish with the Dh500 million Lawnz next month,” the Chairman added. “My focus was on clearing off the inventory in these 18 months – there will always be something left to sell. That’s what we did and now we start on a clean slate.”
There are a couple of plots that Dnube has, where it will look to launch next year. As for more land buys, “There are always plots available in JVs with other developers, who may not have the expertise to build and sell,” said Sajan. “That’s what we bring in – buying land will not be a challenge in Dubai, at least for the next two years.”
Danube will focus on projects within the city limits, giving preference to Al Furjan, Arjan and Wursan. “Anything that’s close to Emirates Living – say, a 10-minute drive – should work well,” said Sajan.