United Arab Emirates-based Danube Properties, the real estate arm of Danube Group, plans to launch a new residential project before the end of the year, its company’s chairman said. The company’s real estate portfolio currently includes 3 billion UAE dirhams ($816 million) worth of projects, with four projects worth about 1.1 billion dirhams due to be delivered this year.
“We are looking to launch a project in either Arjan or Furjan,” Rizwan Sajan told Thomson Reuters Projects in an interview at the Cityscape Global real estate exhibition in Dubai on Monday.
“The land is under negotiations but we should get it soon,” he added.
The residential development has not been designed yet, but Sajan said the concept would be in line with Danube’s affordable housing offering.
“We are targeting the same affordable segment as there is a huge market for it,” he said.
Sajan told Thomson Reuters Projects earlier this year that he believes there is sufficient demand for launching new projects, especially in the affordable housing sector.
In May, Danube launched its 450 million UAE dirhams Bayz residential tower. The affordable housing project is located in Business Bay, a location close to upmarket Downtown Dubai and therefore not considered an ‘affordable’ area in comparison to other master communities where the developer has on-going projects, such as Arjaan and Al Furjan in the southern part of Dubai.
Sajan said on Monday that 75 percent of the Bayz project has already been sold out.
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