Danube in affordable housing push

Dubai - Developer set to launch furnished apartments in Al Furjan tomorrow.

Defying the slowdown in the UAE real estate market, Danube Properties will launch a new residential project, Ritz, worth Dh300 million in Dubai on Monday at affordable prices and an easy payment plan of one per cent per month.
"I have confidence in Dubai. The current slowdown is a temporary phase. I am offering a chance to tenants to switch over to their own home," Rizwan Sajan, chairman of Danube Properties, said.
With the launch of Ritz, Danube Properties' development portfolio will touch Dh1.5 billion. The new project follows Dreamz by Danube in Al Furjan and Glitz 1, 2 and 3 in Dubai Studio City.
"The show apartment of our Ritz property is ready. You can see how you pay for one bedroom and use it as two bedrooms. These apartments are fully furnished, starting from Dh430,000 only with amenities such as swimming pool, fully fitted gym with jaccuzi and steam room, badminton, tennis, basketball courts, party hall, jogging track etc.," Sajan wrote in a recent Facebook post.
The project was first revealed at an investors' meet last month. It is expected to be completed in 2018.
Located in Al Furjan near Ibn Battuta mall, the project will have 446 fully furnished apartments. The property firm offers European style one bedroom apartments which can be converted into two-bedroom units by pulling out beds built into walls.
"The property [Ritz] is only 800 metres away from a Metro station. With the payment plan of only one per cent per month, one should seriously consider why pay rent when one can own a luxury apartment at a very affordable and interest-free payment plan," Sajan said.
Sajan said construction on Danube Properties' earlier projects is almost four months ahead of schedule.
In June 2014, Danube, a building materials company, had forayed into the real estate market with the launch of its first Dh500 million project 'Dreamz'. The 175 villa project was fully sold out on the launch day of sales.
"I know there is a slowdown in the market because of the oil price, but I will sell the new project," Sajan told Khaleej Times.
The UAE real estate market witnessed its fifth consecutive quarter of price falls in the third quarter of 2015, according to Cluttons. Further decline in house prices is expected in the next 12 months, it added.
JLL said apartment prices fell by 11 per cent in Dubai over the past year while villa prices slid seven per cent. Average housing prices in Dubai would continue to fall over the next year, the property broker forecasted.
Earlier this month, CBRE said Dubai developers have halted delivery of about a quarter of properties set for completion this year. CBRE added that about 6,000 nearly-completed homes sit empty in newer developments such as Dubailand, Jumeirah Village Circle and Dubai Sports City.
- abdulbasit@khaleejtimes.com