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29 March 2024

Danube launches 'Glitz'

A computer-generated image of Danube Properties’ Glitz. (Supplied)

Published
By Waheed Abbas

Dubai-based developer Danube Properties will float Dh300 million tender for its ‘Glitz’ project coming up in Dubai Studio City in the next few months, its chairman said.

“We are waiting for few formalities to be completed related to the government departments before we can float the tender," Rizwan Sajan said after the launch of the 300-apartment project.

A property development unit of building material company Danube Group, the company on Tuesday launched sale of its first ‘Glitz’ tower housing 146 apartments.

“Work on both the towers will begin together but now we’re selling the first tower. The second tower will go on sale later after evaluating the response of the first tower. If the response is very good price might go up,” Sajan said. The project is expected to complete in 30 months.

Danube Properties, according to Sajan, awarded Dh175 million contact for its first real estate project ‘Dreamz’ to Unec (United Engineering Construction).

The developer is selling studio, one, two and three bedroom apartments ranging from 470 sqft to 1,645 sqft at Dh900 per sqft which is lower than average current selling rate of neighbouring areas, he added.

Commenting on Dubai property market for 2015, Danube chairman said it sentiments are temporarily low due to the decline in oil prices but the Dubai property prices are still below most of the developed cities like London, New York and will continue to grow in long term.