Dubai: Danube Properties sales revenue reaches AED820mn in 2017
Dubai-based developer, Danube Properties, has sold new homes worth AED820mn in 2017.
This translates to a daily average sale of AED3.1mn per working day throughout the year and reflects the developers ability to sell homes despite tough market conditions as Danube gains investors trust due to strong commitment, timely delivery of projects, and excellent quality of finish supplied with world class amenities.
The company, which started journey with the launch of its first project, Dreamz, in June 2014, has launched nine residential projects with 3,150 residential units with a combined development value exceeding AED2.84bn since then.
Atif Rahman, director and partner of Danube Properties, said: The year 2017 has been very significant for Danube Properties as we started delivering our promises the dream homes to our clients in this landmark year when we sold AED820mn worth of properties. In 2017, we launched two new projects Resortz and Bayz together having 875 apartments with a combined development value exceeding AED750mn, all sold out.
So far, we have sold out almost all of the projects that we launched since the announcement of our first project in June 2014. We have delivered 302 residential units in Glitz Residences I and II at Dubai Studio City in 2017, while 529 more units are being readied for handover in the next few weeks.
We also awarded five construction-related contracts with a combined value exceeding Dh392 million in 2017 a year we started delivering homes.
These include an AED221mn main construction contract recently awarded to Naresco Contracting to deliver Miraclz Tower near Miracle Gardens at Arjan that will host 599 units including 591 apartments. The 28-month contract will see the project delivered by the end of 2019.
Danube Properties has also awarded a AED146mn contract for the main construction package for the Resortz project to Dubai Walls Construction. The 17-month contract will see the project gets ready for occupancy by the second quarter of 2019. Resortz will host 444 units including 419 apartments, 25 retail outlets, landscaped environment that appears more like a five-star resort, than a residential compound.
Prior to that, Danube Properties awarded an AED10mn piling and shoring contract to Atlas Foundation for Miraclz Tower and a further AED4mn piling and shoring contract for Resortz project. Recently Danube Properties has awarded a AED11mn piling and shoring contract for its latest project Bayz at Business Bay as well.
So, as it stands, we do not have any unsold projects now. All our announced projects are sold out and remains either in the process of delivery or construction that reflects our strong commitment to the property buyers, Rahman said. As a developer, we launch a project once the previous project is sold out and it helps us to clearly focus on sale and project construction for each of the projects. Once we close the sale, we then put the project on tender and construction starts as the buyers keep making payments as per agreed payment schedule.
This process helps us to complete each stage of the project from concept, design, secure permission, sale and marketing, tendering, construction, completion, payment and delivery to complete the life cycle of the project.
These construction contracts reflect our deep commitment to our largest stakeholders our valuable property buyers and investors who have put their trust and hard-earned life savings in our projects to receive the keys to their dream homes.
Danube Properties has launched nine residential projects, of which two have been delivered, two are getting ready for delivery while four others are at various stages of construction and one in tendering stage.