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Construction complete on Danube’s $155m projects as 2018 sales spike

With the handover of 880 units in these projects, the company’s total delivery will hit 1,711 residential units

Starz and Glamz together have 880 residential units. [supplied]
© Danube Properties
Starz and Glamz together have 880 residential units. [supplied]

Danube Group’s property development arm Danube Properties has hit a construction milestone, as the Dubai-based company completed building works on its fifth and sixth residential projects, Starz and Glamz.

With 880 units ready-to-deliver, 454 in Starz and 426 in Glamz, the company’s overall handover of residential units will hit 1,711, valued at $462.8m (AED1.7bn), according to a company statement.

Commenting on the projects’ completion, founder and chairman of Danube Group, Rizwan Sajan said: “As we move closer to the Expo 2020 Dubai, we see renewed confidence in the UAE real estate market.”

“The complete sell-out of our projects reflect a strong investor confidence in not only the Dubai real estate market, but also in Danube Properties,” added Sajan.

Launched and sold out in 2016, both the projects have been completed in record time in 2019. Danube has 12 projects in its portfolio, comprising 5,019 delivered and under-construction units, collectively worth $1bn (AED3.8bn).

The developer used sustainable building technologies throughout the construction of both projects.

Director and partner of Danube Properties, Atif Rahman said that construction completion of Starz and Glamz marked a milestone for Danube Properties, as the company will deliver six out of 12 UAE projects in less than five years.

“Our launch-to-delivery ratio is one of the highest in this region,” stressed Rehman. 

In April 2019, the company revealed that it recorded $266.3m (AED978m) in 2018 sales, doubling its share of the off-plan market. Last year, the developer completed 358 homes, and awarded construction contracts for 926 units.

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Construction Week - Issue 753
Nov 09, 2019