Dubai's Danube to start construction of $81m Jewelz this year
Jewelz is Danube's tenth project, and the developer expects its completion before Expo 2020 Dubai starts in October 2020
Danube Properties will begin buildings its tenth Dubai project this summer, although a construction contract has not been awarded for the development yet.
Jewelz is the Dubai-based developer's latest residential project. It will have 463 units, a swimming pool, steam and sauna room, multi-purpose hall, running track, barbecue deck, badminton and tennis courts upon completion in 2020.
The scheme currently at tendering stage, and Danube expects building work to kick into gear this summer to ensure Jewelz is delivered before the start of Expo 2020 Dubai in October 2020.
Danube unveiled Jewelz in March 2018 and has so far sold 393 of the 463 units, equivalent to 85% of its studios, and one- and two-bedroom apartments.
Rizwan Sajan, founder and chairman of Danube Group, the parent company of Danube Properties, said the project offers a return on investment that "no financial products in today’s market can match".
He added: "We have developed the product and the payment plan in such a way that the project appeals to the middle income families with limited income.
"Selling the project in just two months is a huge achievement in today’s market."
Jewelz will deliver a 15% return on investment per annum, the developer has claimed.
On this, director and partner of Danube Properties, Atif Rahman, said: "The attractive 15% return on investment has attracted a lot of property buyers and investors to invest in Jewelz, as it offers one of the highest returns on investment in Dubai’s real estate."
Rahman said the 1% per month payment scheme attracted prospective home buyers who had earlier been "priced out of the market". This, he said, had made high-end property more affordable, encouraging middle-class families to invest in the developer's assets.
The launch of Jewelz takes the company's total development portfolio to 3,680 residential units, worth $855m (AED3.14bn).
Four of Danube's 10 projects have been delivered, and two are being prepared for handover, whilst the remaining four are at various stages of construction and tendering.
Following its entry into the real estate market in 2014, Danube claims to have one of the region's "fastest development-to-delivery ratios" and expects to hand over 880 units later this year.