Danube Properties has announced the launch of its AED550 million ($150 million) Lawnz project in International City in Dubai.
Comprising 1,064 units, the project will take Danube's portfolio to 4,744 units with a development value exceeding AED3.7 billion, the developer said in a statement.
Construction of the project is expected to start later this year with completion in 2020. Lawnz is Danube Properties’ first project at the International City and its first gated complex, it added.
“This is our biggest project so far that will add 1,064 units to our existing portfolio and we are all excited to launch the project at the International City that has a very vibrant community,” said Rizwan Sajan, founder chairman of Danube Group, said.
“This is our second project launch this year and comes after three months of the launch of the AED300 million Jewelz that adds 463 units offering more than 15 percent 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 studio, one and two-bedroom apartments and amenities include a massive promenade which offers a canal, sunken plaza, a health club, swimming pool, steam and sauna room, multi-purpose hall, jogging track, barbecue deck, badminton court, multi-purpose court and an outdoor cinema.
Among the residential units, 50 percent of the units are studio apartments while 40 percent are one-bedroom apartments and 10 percent are two-bedroom apartments, Danube said.
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, part of the Danube Group, entered Dubai’s real estate market in June 2014 with Dreamz at Al Furjan – which was sold out at launch.
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