Danube Properties has launched its eleventh residential development in Dubai and its biggest project to date.
Projected to cost AED 550mn ($150mn) to build, Lawnz in the International City will comprise of 1,064 units.
The new project will take the developer’s portfolio to 4,744 units with a total value exceeding AED 3.7bn.
Construction of the project is expected to start in 2018 with completion in 2020, Danube said in a statement.
Lawnz is Danube Properties’ first project in International City and its first gated complex.
Rizwan Sajan, founder chairman of Danube Group, said: “This is our second project launch this year and comes three months after the launch of the AED 300mn Jewelz that adds 463 units offering more than 15% return on investment, which has been a runaway success in terms of sale.
“The launch of such a large project at such a crucial time reflects our confidence in Dubai’s real estate market which will continue to grow due to the attractiveness of Dubai and the UAE as a major investment destination.”
Lawnz offers units ranging from studio to two-bedroom apartments. Amenities include a fully equipped health club, swimming pool, steam and sauna room, multi-purpose hall, jogging track, barbecue deck, badminton court, multi-purpose court and a high tech surveillance system for the protection and security of residents.
Around half the units are studio apartments while 40% are one-bedroom apartments and 10% are two-bedroom apartments.
The building design and architectural aesthetic was created to reinforce the design strategy of Danube, which helps maximise the living space while delivering convenience of community living. The project dedicates 50% space to open areas with an emphasis on greenery and landscapes.
Atif Rahman, Director and Partner of Danube Properties, says: “In addition to the project’s location and the five-star facilities, Danube’s industry leading 1 percent per month payment scheme will ensure a faster sell-out of the properties. Lawnz will attract a large number of new home buyers – who were earlier unable to own their home due to price constraint.
“Because of our Volume, Value Engineering and Design efficiency, we were able to offer luxury at an affordable price. However, the monthly payment has empowered the buyers and has encouraged the middle income families to put their life savings in our properties.
“In this way, we are hopeful of attracting new home buyers who were deprived of the opportunity of owning their own home until now.”
Danube has delivered 831 properties so far including the handover of 302 units within Glitz Residences 1 and 2 and 358 in Glitz Residences 3 as well as 171 townhouses at Dreamz project till March 2018. It will deliver a further 870 units later this year.
Danube Properties entered Dubai’s real estate market in June 2014 with Dreamz at Al Furjan – which was sold out at launch.
In 2017, the company awarded five construction-related contracts with a combined value exceeding AED 392mn. These include a AED 221mn main construction contract recently awarded for Miraclz Tower near Miracle Gardens at Arjan that will host 599 units including 591 apartments.
Danube Properties also awarded a AED 146mn contract for the main construction package for the Resortz project which will have 444 units.
The company has so far launched 11 residential projects, of which four have been delivered, two are getting ready for delivery while four others are at various stages of construction and one in tendering stage.