Dubai: Dh550-million twin tower project sold out on day of launch

It will deliver 268 studios, 203 one-bedroom apartments, 65 two-bedroom flats, 13 three-bedroom flats and four duplexes


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Published: Sun 25 Dec 2022, 11:26 AM

Last updated: Sun 25 Dec 2022, 4:19 PM

The Dubai-based private developer Danube Properties said its latest Dh550 million project Elitz has been sold out at the launch, reflecting demand for the affordable segment remains strong in the emirate.

Set to be developed at 36,930 square feet plot of land at Jumeirah Village Circle, the project will have a built-up area of 695,000 square feet. It will deliver 268 studios, 203 one-bedroom apartments, 65 two-bedroom flats, 13 three-bedroom flats and four duplexes. The twin-tower project is connected by a podium complex that houses car parking, community facilities as well as 284 retail units.

The project, planned to be handover in the fourth quarter of 2025, was snapped up by investors, buyers and brokers.

“The real estate market in Dubai has come out of age and has demonstrated resilience by registering growth amid the biggest pandemic in human history, by recording Dh300 billion sales and mortgage transactions last year, which is definitely going to be broken this year to create a new record,” said Rizwan Sajan, founder and chairman of Danube Group.

“For Danube Properties, 2022 is going to be a record year for us when we launched six sold-out projects –consecutively, this reflects the buoyancy in the market and strong investor interest in quality homes,” said Sajan.

“As we close 2022, we look forward to a new year with renewed hope of delivering some more landmark projects while delivering the under-construction projects to take the real estate market to the next level.”

It also introduced home-office solutions in two-bedroom apartments where families can convert a part of the open space into a co-working facility to manage work from home which is becoming the trend following the Covid-19 pandemic. Most companies now allow professionals to work from home which saves time, reduces traffic on the street and increases productivity. Moreover, it offers a better work-life balance.

With a portfolio of 8,779 units and a combined sales value exceeding Dh6.75 billion, the developer has so far delivered 4,556 units with a combined sales value of Dh3.63 billion – more than half of the entire portfolio value.


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