Dubai-based building materials giant Danube Group has taken its first foray into the property development market with the launch of a $136mn residential project.
The Dreamz By Danube project will contain 175 three- and four-bed townhouses within the Al Furjan community.
The company said the townhouses will be between 2,500-3,000 square feet (232-279 sqm) in size and will start in price from $680,000.
Construction of the properties will start soon and the project will complete in 2016.
Danube chairman and founder Rizwan Sajan said the launch of his new Danube Properties business came "following a careful study of the needs of the UAE’s property market".
“Being in the building material business, we will be able to offer the best prices and that value will be offered to the customer.
“The move is also a reflection of our firm commitment to the UAE market, where we are re-investing our hard-earned resources to help the real estate market expand further.”
The project was launched at Dubai's Grand Hyatt hotel at an event attended by Indian cricketer Sunil Gavaskar, who is an ambassador for the Danube brand.