Danube Properties, the newly launched property arm of UAE-based building materials supplier Danube, announced that its first project sold off all units on the first day of sales.
The Dhs500 million residential project, ‘Dreamz By Danube’, is located in the Al Furjan area of Dubai. It includes 171 three and four bedroom townhouses, with a built-up area of between 2,500 and 3,000 square feet. Each townhouse comes with a garden and accompanying water features.
Prices started at Dhs2.5 million for a 2,500 square feet townhouse, and the project saw interest from real estate buyers and investors, Danube said in a statement.
Over 2000 prospective buyers registered for the sales event, with units offered on first-come-first-serve basis.
“This end-user and investor endorsement will encourage us to carry out our construction works and deliver the project timely to our valued customers by 2016 and also launch more such projects in the coming years,” said Rizwan Sajan, founder and chairman of Danube Group.
“The great success of this sale allows us to expect higher returns by the end of the year.”
The sale reflects “strong investor and end-user confidence” in the UAE, he added.
“If you have the right product, right location, right pricing and the right developer brand behind the project, then there won’t be shortage of buyers.”
Dubai’s residential sales market saw a slight decline in prices in the first quarter of 2014, following a spike in prices after the Expo 2020 announcement at the end of 2013.
Apartment and villa price sales prices recorded three per cent and six per cent growth respectively, much lower than 2013, according to a Q1 report by Asteco.
However, real estate investments in the emirate surged during the quarter, reaching Dhs35 billion, up 57 per cent from the same period last year, figures from the Dubai Land Department revealed.
The real estate authority reported that the number of investors in Dubai’s property market also rose.
In Q1 2014, there were around 13,279 individuals carrying out property transactions, up 81 per cent compared to 7,339 during the same period last year.