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UAE's Danube Properties purchasing more land in Dubai
15 March 2017
UAE-based Danube Properties, the real estate arm of Danube Group, has acquired land in Dubai for a new project and is planning to purchase more plots this year, the company’s chairman said.
"We have acquired one plot. Hopefully by next month we should be able to launch a (new) project," Rizwan Sajan told Zawya Projects on the sidelines of a press conference on Tuesday.
Sajan declined to specify the location of the plot but said it was not within the Arjaan and Furjan master communities where many of the developer's projects are already based.
He said the company wants to acquire land for another project that is already in the design phase, and more plots later this year.
"I need more plots ….in the summer we know the market is a little slow so we should be able to pick up a couple more plots at that time at a lower price," Sajan explained.
The Danube chairman said land prices had increased slightly in 2016 but have begun to stabilize this year. However, he expected land prices to gradually increase again due to a “shortage” of land in Dubai emirate.
"It (the increase) depends on area to area. For example, the plot which I was buying in Furjan for 110 - 120 dirhams ($29.97-$32.69) per square foot went up to 140 - 150 dirhams per square foot. That hasn't gone up [this year] though I was expecting it to."
Danube's real estate portfolio includes 2.2 billion dirhams worth of projects currently under construction. The developer on Tuesday launched its 300 million-dirham Resortz residential project in the Arjaan master development.
(Reporting by Megha Merani)
© Zawya Projects News 2017