By Gavin Gibbon
Project in Al Warsan First area includes 741 residential units, retail and recreational facilities
Dubai-based Danube Properties has launched the AED400 million ($109 million) Olivz development, its latest affordable housing project in the emirate.
Located on a 18,016 square metre plot in the Al Warsan First area, close to International City and Dragon Mart, the master-planned cluster of six buildings includes 741 residential units made up of studio (355), one-bedroom (305) and two-bedroom apartments (80), as well as retail and recreational facilities.
“The launch of Olivz reflects our growing confidence in Dubai’s real estate market, which never ceases to amaze investors. The launch is timed well to meet the needs of the growing number of end-users who are now more confident to buy their dream homes,” said Rizwan Sajan, founder and chairman of Danube Group.
Studio apartments will be priced at AED290,000, one-bedroom apartments, AED475,000 and two-bedroom apartments, AED699,000.
Amenities at the development will include a swimming pool, jacuzzi, sunken seating surrounded by water bodies, a water canal, play courts, kid’s play area and a BBQ area. The community will also have family-oriented leisure facilities as well as a gymnasium, health club, jogging track and a party hall with outdoor deck.
Building work is scheduled to start in September and the project is slated for completion in March 2022.
With the launch of Olivz, Danube Properties’ development portfolio will grow to 6,194 units, with a combined value exceeding AED4.5 billion.
It has so far delivered 2,155 units with a sales value of AED2.1 billion, with plans to deliver another AED1.1 billion this year.
Sajan said: “We have seen demand picking up in the last few months as we sold out all our previous projects – that necessitated the launch of Olivz. With World Expo 2020 around the corner, we see an uptake in housing demand and the launch of Olivz is well timed to meet the demand.”