Dubai-based Danube Properties is planning to launch a new project in the emirate in the next three months.
Company founder and chairman Rizwan Sajan told Arabian Business he still harbours long-held ambitions to expand into affordable hotel apartments.
Sajan was speaking as Danube Group launched Danube Hospitality Solutions, a new business vertical designed to cater to the growing hospitality needs of the region.
He said: “Hopefully we will be launching something during the Cityscape or before, we plan to launch a product. It’s very exciting.”
Danube Properties, the development arm of the Danube Group, entered the Dubai real estate sector in June 2014 and, as of April this year, has a portfolio of over 5,000 residential units across 12 projects worth just over $1 billion.
Last year, the company recorded a 78.5 percent jump in sales of residential units, bringing its total market share of off-plan sales to 10.6 percent, up from 5 percent in 2017.
Sajan revealed the new development would be in Dubai and would be focused on the affordable market.
He said: “Everybody knows it’s (the real estate market) a little bit slow, but there is a demand for property if you have the right product. Still I believe there is a huge potential of the target which we are targeting, the expat community who are staying in the rental apartment and affordable housing.
“There is a market there and that’s going to continue because the numbers are huge – 80 percent of the people still stay in rental apartments. As and when, whenever we have good land and a good opportunity to launch, we will be launching.”
Almost exactly two years ago, Sajan spoke to Arabian Business about his desire to expand into hospitality and the provision of affordable hotel apartments.
And he has reiterated his intentions, although he stressed the environment must be right before he makes any move.
“It is on the cards,” he said. “It’s a question of timing, we just have to understand the supply and demand situation. If I find a good project which I know we can enter and turn around quickly we might take it.”
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