Dubai-based Danube Properties on Tuesday launched Dh300 million ‘Glamz Residence’ in Al Furjan, targeting the ‘affordable’ housing segment.
“We are confident to sell out in less than 30 days as we are targeting a category that aims to become home owners rather than remain renters,” company Chairman Rizwan Sajan said after announcing the project.
Located close to Discovery Gardens, the project will have 418 apartments and set for completion in 2018.
Unit buyers will have to pay 10 per cent down payment followed by 15 per cent payment in 60 days and then 75 equal monthly payment without interest.
The fully-furnished apartments will have a convertible sofa in the living room to transform it into a bedroom whenever required. The concept, in fact, continues from its previous project ‘Starz’ in Al Furjan. Bollywood star Shilpa Shetty is the company’s brand ambassador.
Ruling out a concern raised by Real Estate Regulatory Agency Chief Marwan bin Ghalitha on investors being offered post-completion payment plans, Sajan said that their investors were end-users with all their launch projects being completely sold out.
“Almost 90 per cent of our investors are end-users. They have almost paid 50 per cent of the apartment value and the rest we have in post-dated cheques. We don’t think that they will default after paying 50 per cent.”
The developer expects average rental returns of 10 per cent, which Sajan believes will attract more buyers from India and Saudi Arabia.
Sajan said that their Dreamz in Al Furjan will be delivered in September 2016, well ahead of schedule with other projects the Glitz Trio in Dubai Studio City and Starz in Al Furjan all being four to five months ahead of schedule.
Danube Group, which started as a building materials company in 1993 and stepped into real estate development in 2014, has ruled out getting into the construction business.
“Though we can make a good margin, but we won’t get into it. We will give our projects to other companies [contractors] to build,” Sajan added.