Danube Properties, a UAE-based property developer, said there has been an overwhelming response for its tenth project - the Dh300-million ($81.6 million) Jewelz located in the freehold and mixed-use community of Arjan in Dubailand - with 85 per cent of the project sold out within two months of its launch.
Attractively located on a plot adjacent to the park with a private entrance leading to the property, the project offers 463 residential units, ranging from studio, one- and two-bedroom apartments, said the developer in a statement.
The amenities include a fully equipped health club, swimming pool, steam and sauna room, multi-purpose hall, jogging track, barbecue deck, badminton court, paddle tennis court and a high tech surveillance system for the protection and security of the residents, it added.
“Jewelz has appealed to the masses in a big way – offering more than 15 per cent return per annum that no financial products in today’s market can match,” remarked Rizwan Sajan, the founder chairman of Danube Group.
“As a property developer, 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. Jewelz has captured the imagination of the property buyers in a big way. Selling of a project in just two months is a huge achievement in today’s market,” he stated.
The building design and architectural aesthetic was created to reinforce the design strategy of Danube, which helps maximise the living space while delivering convenience of community living. The project dedicates 50 per cent space to open areas with an emphasis on greenery and landscapes.
Sajan said the construction of the project, which is currently in the tendering stage, will start in summer this year and slated to be delivered before the Expo 2020 mega event in October 2020.
The launch of Jewelz takes Danube's total development portfolio to 3,680 residential units, worth Dh3.14 billion, he added.
Atif Rahman, the director and partner, said: "The attractive 15-plus per cent return on investment (RoI) 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."
"In addition to its location and the five-star facilities, Danube’s industry leading one per cent per month payment scheme has helped attract a large number of new home buyers – who were earlier priced out of the market due to the abundance of luxury properties flooding the market," stated Rahman.
Danube has delivered 827 properties so far including the handover of Glitz Residences 1 and 2 with 302 and Glitz Residences 3 involving 354 residential units and 171 townhouses at Dreamz project till March 2018. It will deliver a further 870 units later this year, he added.