Dubai developer Danube Properties announced that its latest project – the Dhs550m Lawnz in International City – has been sold out within five days of its launch.
The project’s first phase was launched on June 20, 2018, with about half of the total inventories. In its second phase launch, the company said it sold 350 units in 4 hours.
Lawnz includes 1,032 residential units in total, comprising studio, one and two-bedroom apartments. Among them, 50 per cent are studio apartments, 40 per cent are one-bedroom apartments and 10 percent are two-bedroom apartments.
Prices start from Dhs290,000 for a studio apartment.
Amenities include a 3.8 acres promenade which features a sunken plaza, a health club, swimming pool, steam and sauna room, multi-purpose hall, jogging track, barbecue deck, badminton court, multi-purpose court and a surveillance system.
Located at the International City Phase 1, the gated property also comes with a 42 metre wide entrance and outdoor cinema.
Construction of the project is expected to start in 2018 with completion in 2020, a statement said.
“There is no shortage of buyers if the properties are offered at the right location, right price, right payment plan and the right delivery schedule,” said Rizwan Sajan, founder chairman of Danube Group.
“Danube Properties believes in inclusiveness and sees affordable homes as the future of the real estate market in the UAE.”
Lawnz is Danube’s first project at International City and 11th project in Dubai, increasing its portfolio to 4,744 units with a development value exceeding Dhs3.7bn.
Atif Rahman, director and partner of Danube Properties, said: “One of the key aspects of our sales strategy was to give priority to the end-users and the first-time buyers, who used to view housing very unaffordable.
“We now have a large customer pool who earlier could not think of buying a home in Dubai.”
As of March 2018, Danube has delivered 831 units – including 302 units within Glitz Residences 1 and 2, 358 units in Glitz Residences 3, and 171 townhouses at Dreamz – with a total value of Dhs1.12bn.
It expects to deliver a further 870 units later this year, the statement said.
Out of its 11 residential projects, four have been delivered, two are “getting ready” for delivery, four others are at various stages of construction and one is in tendering stage.
Danube Properties, part of the Danube Group, entered Dubai’s real estate market in June 2014 and is focussed on the affordable segment.
Last month, Rahman confirmed to Gulf Business that the company planned to launch new projects this year, also within the same segment.