Danube does miracles for affordable housing

dubai - New Dubai project 'Miraclz' includes 590 apartments with studios priced from Dh450,000

Rizwan Sajan, the founder and chairman of Danube Group, does not believe in biting off more than he can chew. This is evident from the project launches undertaken by Danube Properties, the real estate wing of Danube Group.

The company believes in launching a new project only after all units in earlier announced projects have been sold out. Announcing the group's seventh project in Dubai on Tuesday, Sajan said the vast majority of units have been sold out in earlier projects such as Dreamz, Glitz 1, 2 and 3, Starz and Glamz.

"We believe in executing one project at a time. I don't want to overstretch myself," he said.

Miraclz features 591 apartments in Arjan near Miracle Gardens. The Dh400 million G+36 tower on Umm Suqeim Road includes eight retail shops, 395 studios, 132 one-bedroom apartments and 64 two-bedroom apartments.

Construction is already under way with the foundation contract awarded. Completion of Miraclz is scheduled in 30 months. The construction tender for Miraclz will be awarded in early 2017.

A studio in Miraclz will span 395 to 410 sq ft. All units will come fully furnished with balconies and a dedicated parking slot. Each home will be equipped with modular furniture, where the living room can double up as a bedroom as well.

While all furniture in Miraclz apartments come from Spain, kitchen appliances are from Europe.

A studio at Miraclz is priced from Dh450,000 and goes up to Dh525,000, 1-bed apartment is priced Dh785,00 and upwards while a 2-bed unit costs Dh1.15 million and above.

Danube Properties always chooses locations where infrastructure is already in place. Case in point being earlier projects in Al Furjan and Studio City.

"While scouting around for plots, I noticed that prices have gone up. I have purchased one more plot in Arjan where I hope to launch a project next year," Sajan added.

The developer recently opened sales offices in Mumbai and Saudi Arabia to diversify its buyer base. Majority of its buyers are end users. "We prefer to sell single units, not bulk sales. We target our units at people who are currently renting in Dubai," he elaborated.

"Apartments at Miraclz feature Discovery Gardens prices with standard and finishing similar to those in Downtown or Dubai Marina," claimed Sajan, adding: "Danube has very good brand equity. We offer value addition and upgrades on the finishes we have promised."

Miraclz also comes with the one per cent payment plan Danube Properties has become famous for. Customers pay 10 per cent of the sales price upon signing the agreement, 10 per cent in 60 days and another five per cent in another 60 days. After that, you pay one per cent or Dh4,500 per month.

A show apartment for Miraclz is now ready for viewing at Danube Properties' headquarters in Al Barsha.

Other facilities at Miraclz include a health club spanning 1,250 sq ft, a party hall, barbecue deck, gazebos, jpgging trails, swimming pool, tennis and badminton courts.

"A good project in a good location with good pricing will always do well. It's the best time to buy now since it is a buyers' market. As a property investor, one should buy when market sentiments are low. Nearing Expo 2020, there will be a surge in prices and sentiments. Raw material prices are also going up," he informed.

The developer will start handing over its 171 Dreamz townhouses in December. The Miraclz launch will take the total value of its development portfolio to Dh2.2 billion.

- deepthi@khaleejtimes.com