Danube Properties Delivers Dh350 Million Glitz Residences 3 With 354 Apartments

Press release
Published March 29th, 2018 - 08:13 GMT
Atif Rahman, Director and Partner of Danube Properties
Atif Rahman, Director and Partner of Danube Properties

Danube Properties, a major Dubai-based property developer, today announced the delivery of its third project, Glitz Residences 3 at Dubai Studio City.

With a development value of Dh350 million, the project contains 354 residential units including studio, one-bedroom and two-bedroom apartments – all sold out following its launch in 2015.

With the completion of Glitz Residences 3, Danube Properties will soon start the handover process to customers upon completion of the official formalities, taking the developer’s total delivery of apartments to 656 units, following the handover of Glitz Residences 1 and 2 with 302 residential units last year.

The company earlier this month launched its tenth project, Jewelz with 463 apartments worth Dh300 million, taking its total development portfolio to 3628 residential units, worth Dh3.14 billion.

Danube Properties, which entered the real estate market in June 2014 by launching Dreamz, will also deliver 171 townhouses later this month, taking the total number of deliveries to 827 units, worth Dh1.12 billion, more than a third of its portfolio value.

“The year 2018 will be a year of delivery for Danube as we are planning to deliver four projects that will take the delivery to five of the ten projects that we launched so far,” Rizwan Sajan, Founder Chairman of Danube Group, said. “As a developer, our policy is to develop it right and deliver them as per promise and that’s why people trust Danube Properties. We launch a project when the earlier project is sold out and our unique selling points include on-time and on-quality delivery, in addition to the industry-low 1 percent monthly payment scheme.

“With these deliveries, we are strengthening public trust on our brand and this way, Danube Properties will reinforce its position in the real estate market.”

In 2017, Danube awarded five construction-related contracts with a combined value exceeding Dh392 million a year it started delivering homes. These include a Dh221 million main construction contract recently awarded to Naresco Contracting LLC to deliver Miraclz Tower near Miracle Gardens at Arjan that will host 599 units including 591 apartments. The 28-month contract will see the project delivered by the end of 2019.

Danube Properties has also awarded a Dh146 million contract for the main construction package for the Resortz project to Dubai Walls Construction. The 17-month contract will see the project gets ready for occupancy by the second quarter of 2019. Resortz will host 444 units including 419 apartments, 25 retail outlets, landscaped environment that appears more like a five-star resort, than a residential compound.

“Timely delivery is very crucial for gaining customer satisfaction as we work for our customers and they remain at the core of what we do. This year, we are delivering Dh1.5 billion worth of projects – the highest in our history,” Atif Rahman, Director and Partner of Danube Properties, said. “The delivery of Glitz Residences 3 demonstrates our ability as a builder and the high-quality finishing tells the level of quality and the attention to details by us.

“These deliveries raise our position as a top quality and committed developer.”

Danube Properties, part of Dubai-based diversified conglomerate Danube Group, has launched ten residential projects, of which three have now been delivered, while three more are getting ready for delivery while four others are at various stages of construction and one in tendering stage.

The company has one of the fastest development-to-delivery ratio in the region’s real estate market where timely delivery of properties remains a major challenge. That way, Danube Properties’ performance in construction and delivery is helping strengthen buyers’ trust in real estate.

Danube Project Development Fact-Sheet

Danube Projects

Residential Units

Development Value

Status

Dreamz

171 Townhouses

Dh500 million

Delivery in 2018

Glitz Residence I

151 Apartments

Dh135 million

Delivered

Glitz Residence II

151 Apartments

Dh135 million

Delivered

Glitz Residence III

354 Apartments

Dh350 million

Delivered

Starz Tower

452 Apartments

Dh300 million

Delivery in 2018

Glamz Residence

418 Apartments

Dh270 million

Delivery in 2018

Miraclz Tower

591 Apartments

Dh400 million

Under Construction

Resortz Tower

419 Apartments

Dh300 million

Under Construction

Bayz

456 Apartments

Dh450 million

Tendering Stage

Jewelz

463 Apartments

Dh300 million

Launched

Total 10 Projects

3,628 Residential Units

Dh3.14 billion

Development/Delivery