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Sat 18 Apr 2020 10:56 AM

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Danube reveals 70% sales of $109m Olivz development

Group chairman Rizwan Sajan confident coronavirus is 'definitely going to go' in the next two months

Danube reveals 70% sales of $109m Olivz development

Rizwan Sajan unveiled the Olivz project in Dubai in the second week of March, at the outset of the coronavirus outbreak in the emirate.

Danube Group chairman Rizwan Sajan has revealed 70 percent of the company’s latest affordable development was sold out within just two weeks of launching.

The Indian billionaire unveiled the $109 million Olivz project in Dubai in the second week of March, at the outset of the coronavirus outbreak in the emirate.

However, despite the relative economic uncertainty caused by the pandemic, he told Arabian Business demand for the development remained strong.

He said: “We were lucky that we launched our project in the first week of March, which was in time before this panic started. Because of the price ranges we had, we were able to sell 70 percent of the first phase in the two weeks’ time we had.”

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.

Sajan said all the studio apartments were sold in the first phase and there are currently only a select number of one and two bedroom properties available.

According to the Danube project development factsheet, there are over 2,800 units currently under construction across its portfolio, including Miraclz Tower (599 units), Bayz (463 units), Jewelz (463 units), Lawnz (1,064) and Elz (275 units).

The Danube chief said no cases had been confirmed within the entire organisation and that work was continuing within the social distancing guidelines outlined by the UAE Government.

“Right now as we are talking, all the construction sites are working and we have taken enough safety measures to ensure that every worker has been taken care of properly and the areas have been completely disinfected,” he said.

The UAE’s economy will rebound 3.3 percent in 2021 as the Gulf economies grow after contracting as a result of the global coronavirus, according to an economic outlook from the International Monetary Fund released earlier this week.

According to the IMF’s World Economic Outlook, the UAE’s economy will contract 3.5 percent in 2020 amid the pandemic, but is expected to grow 3.3 percent in 2021.

The positive outlook was shared by Sajan, who believed it will soon be back to business as usual.

He said: “I feel that whatever loss we have in these couple of months, April and May, we should be able to correct in June and July, no problem.

“We don’t have to worry about this Covid, it is definitely going to go in one or maximum two months’ time, according to me, especially in this part of the world. We will be laughing that this came and went away.

“The summer is coming and I also feel that is going to play an important role for this coronavirus, because it will not be able to survive.

“We need to keep our mind very positive and we will come out of this at the end of the day.”

There are currently 6,302 confirmed cases of Covid-19 in the UAE, while 37 people have so far died at the hands of the virus.

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