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Danube hands over $95m Glitz 3 project

Danube has now delivered 827 units worth $334m

Atif Rahman, director and partner of Danube Properties.
Atif Rahman, director and partner of Danube Properties.

Dubai developer Danube Properties has continued its pacy project delivery, after initiating handover of its $95.3m (AED350m) Glitz 3 apartment block.

Glitz 3, based in Dubai Studio City, has 354 sold-out units in a mix of studios, one- and two-bedroom apartments. It's a sister property of Glitz 1 and 2, both of which Danube Properties has already handed over.

Since Danube entered the real estate business in 2014, the company has delivered 827 units worth $334m (AED1.23bn). The developer now sits on a burgeoning property portfolio valued at $855m (AED3.14).

READ: Site Visit - Glitz, Dubai Studio City

It claims to have one of the “fastest development-to-delivery ratios" in the region.

"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,” said the founder and chairman of Danube Group, Rizwan Sajan.”

“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.”

Earlier in March, the company launched its tenth project: Jewelz. This development will have 463 mixed-size apartments, is worth $81.6m (AED300m), and will be built in Arjan, next to Miracle Garden. It was the tenth project in a row Danube had launched with a name that ends in ‘z’, following launches Glamz, Glitz, Dreamz, Jewelz, and Starz. 

Last year, Danube awarded five construction contracts worth combined total of $106m (AED392m).

Naresco Contracting LLC received a $106m (AED221m) main contraction contract to deliver Miraclz Tower in 28 months.

Dubai Walls Construction won a main construction contract for the mixed-use Resortz project, which has 419 apartments and 25 retail outlets.

“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,” said the director and partner of Danube Properties, Atif Rahman.

“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.”

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Construction Week - Issue 751
Oct 13, 2019