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Dubai's Rizwan Sajan-led Danube says market share doubled in 2018

Developer says UAE 'an oasis for growth' as 2018 sales total 1,869 and contract awards for 10 projects are valued at $436m

Danube said its off-plan market share grew to 10.6% in 2018.
© Danube Properties
Danube said its off-plan market share grew to 10.6% in 2018.

Dubai-headquartered Danube Properties – a subsidiary of Danube Group that was founded by Indian real estate tycoon Rizwan Sajan – said its $266.3m (AED978m) sales in 2018 doubled its share in the off-plan market to 10.6%.

In a statement, the company revealed said 2018 was a successful year despite tough market conditions, adding that it sold 1,869 residential units in 2018.

Commenting on the company’s performance, Rizwan Sajan, founder and chairman of Danube Group, said: “Despite strong headwinds affecting the growth of the global economy, the UAE economy remains an oasis for growth.

“We see strong growth opportunities, and we remain fully committed to the local economy and the real estate sector with more project launches as we move forward,” added Sajan.

Danube has 12 projects in its portfolio, comprising 5,019 delivered and under-construction units, all worth $1bn (AED3.8bn). Last year, the developer completed 358 homes, and awarded construction contracts for 926 units. 

Construction contract awards for 10 of Danube's 12 projects to date are valued at $435.6m (AED1.6bn).

As of 2018, Danube Properties had a team of 220 professionals, up from 151 in 2017.

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Construction Week - Issue 743
Jun 01, 2019