Dubai
Off-plan projects with property values seen as being accessible are finding no dearth of buyers in Dubai. The Danube Group’s first venture into real estate development, a cluster of 171 town houses in the Al Furjan community being built for Dh500 million, was sold out on the first day itself.
In fact, there were more than 1,000 potential buyers who had got themselves registered for the three- and four-bedroom units priced from Dh2.5 million. Sales were conducted on a first-come, first-served basis.
“This is also a testimony that 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,” said Rizwan Sajan, chairman of Danube Group and Danube Properties.
Value gains for villas at the more modestly priced developments of Al Furjan and Jumeirah Village were up 22 and 15 per cent in the first quarter, according to an Asteco report for the first quarter. Prices per square foot range from Dh1,000-1,200 and Dh850-1,100 respectively.
The ‘Dreamz’ units from Danube will have built-up areas of between 2,500 and 3,000 square feet.
“This is our first project and the sell-out reflects investor confidence in Danube Properties,” said Sajan. “This end-user and investor endorsement will encourage us to deliver the project on time by 2016 and also launch more such projects.
“The success allows us to expect higher sales for the end of the year.”
