By Lubna Hamdan
Affordable hotel apartments might be the next venture to follow through Rizwan Sajan’s jump into affordable luxury real estate
UAE-based Danube Group is considering expanding into hospitality, according to founder and chairman Rizwan Sajan.
Specialising in building materials, Danube launched a hugely successful property arm two and a half years ago, and now has eight affordable luxury residential projects to its name.
While “nothing is on the cards” yet, Sajan said he is now thinking of launching affordable hotel apartments.
“It’s a thought in my head. Yes, I may go into hotels in the future if I get the right person, the right CEO, who can manage it, because in any business, you should find a trustworthy person who knows his job and who can handle it for me," he said during an exclusive interview with Arabian Business.
"We have the resources, we have the brand name, the money, the backing and everything to provide, but I need to find that right person."
Sajan said requirements for candidates of the job should include integrity and wide knowledge in the field of hospitality and management.
“The most important [skill] is integrity and how much he knows his business, because it is not easy to find a person who has that combination; who has integrity and knows his job properly. And if you find that, with the name of Danube, he can really be involved," he said.
"If you look at the property person I have right now, Atif Rahman, who manages my property, he’s able to multiply because whatever project he launches, during the next project, he is able to say, 'Okay, sir, I’ve sold this project. I have another plot.’ Now if you look at it, all the projects which launched, I haven’t started making the money yet, because we still have to deliver our first project, which we are planning to do in the next couple of months. But all of the eight projects, money has been pumped by Danube, through the banks’ help of course, so that backing is there.
“Any other developer would say, ‘let’s launch one project. Deliver that project, let me see the profit and then I will give you money for the next project.’ That is not the case with us. As long as you find the right person and they want to expand and show me the bottom line, we can expand very fast,” he added.
Sajan’s Danube Group recorded an annual turnover of $1.4bn in 2016 whilst maintaining 5-6 percent growth. He took the Dubai property sector by storm two and a half years ago when he launched a series of eight affordable luxury residential projects under his real estate arm Danube Properties.real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.