Dubai: Danube Properties launches Dh800 million Elitz 3

Elitz 3 comes with a trend-setting 1% monthly payment plan, following the initial deposits


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Published: Sun 6 Aug 2023, 11:25 AM

Last updated: Sun 6 Aug 2023, 2:19 PM

Danube Properties on Saturday launched Elitz 3 with a development value exceeding Dh800 million.

Located at the Jumeirah Village Circle (JVC), the project will be in the same area as Elitz and Elitz 2 towers — which are currently under construction.

Upon completion in the fourth quarter of 2026, the twin towers will rise 40 and 46 floors high and deliver 750 residential units including studio, 1, 2, and 3-bedroom apartments, and a few retail stores.

It comes with more than 40 community, health, and lifestyle amenities including a health club, swimming pools, sports arena, tennis court, barbecue area, and jogging track, among other facilities.

Elitz 3 is Danube Properties’ 24th residential project and the 9th tower to be launched in the last 18 months.

With Elitz 3, the Danube project portfolio stands at 11,529 units spread across 24 projects with a combined development value exceeding Dh10 billion so far.

“Dubai’s real estate market continues to defy global economic slowdown due to its dynamism and attractiveness and we see sustained growth soon, which reinforces our firm belief in the market. This is what has encouraged us to launch Elitz 3 within just a month after launching Elitz 2 at the Jumeirah Village Circle,” Rizwan Sajan, Founder, and Chairman of Danube Group, said.

“The launch of the Elitz 3 comes after Dubai’s real estate market has seen an unprecedented surge in the number of real estate transactions reaching 60,440 worth Dh177.3 billion being recorded during the first half of the year. The value of real estate sales recorded in the first six months of the year exceeds the annual sales value recorded each year in Dubai from 2009 to 2021. Real estate is currently the biggest driver of Dubai’s economy that is attracting a large pool of domestic and foreign investment,” Sajan said.

Prices of residential units start from Dh699,000 for a studio apartment. Elitz 3 comes with a trend-setting 1 per cent monthly payment plan, following the initial deposits — making home acquisition more affordable and attractive.

“Our trend-setting 1 per cent monthly payment scheme is helping more and more tenants to buy property and enjoy living in their own homes which has increased the number of freehold homeowners in the UAE,” said Sajan.

Danube said its homes are usually delivered around mid-way through the payment plan, which means the buyer can move into the apartment after paying 65 per cent of the total value of the property. This helps homeowners extract additional value either by increasing savings on the rent or by paying the equated monthly instalments (EMI) from the rental income.

The private developer has a policy of launching one project at a time, selling it out, and then appointing a contractor to build it, before launching the next one. It has delivered 11 of them while the rest are currently under various stages of construction.

The developer will deliver three towers this year including Wavez, Jewelz, and Olivz. Most of the projects launched in 2022 and 2023 are ahead of the construction and delivery schedule, it said in a statement on Sunday.

Recently, Danube signed an agreement with Dubai Land Department to offer an Initial Sale Contract (Oqood) to property buyers almost instantly.


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