By Sarah Townsend
UAE construction group says it will launch 3-4 real estate projects annually
UAE-based construction firm Danube Group has announced turnover of AED5.13 billion ($1.4 billion) for 2015 and said it is targeting 15-20 percent growth this year.
It said it intends to launch three to four real estate projects annually, and invest AED200 million ($54 million) in growing its network of retailers for building materials by another six – taking the total number of stores to 50.
The company recorded a turnover of AED2.3 billion in 2014, representing a 15 percent increase from 2013.
Rizwan Sajan, founder & chairman of Danube Group, said that Danube’s delivery of several low-cost real estate projects in the past year had helped to spur the company’s growth.
“We were one of the first private developers to offer affordable housing combined with the special payment plan of 1 percent per month,” he said.
“All our projects - Dreamz, Glitz Residence 1, Glitz Residence 2, Glitz Residence 3 and latest offering Starz Tower By Danube...have [a] stand-out payment plan for long- term investors and end users, wherein the buyer pays a 10 percent down-payment followed by 15 percent in 60 days; the balance amount is to be paid in 75 equal monthly installments of only 1 percent each without interest.
“The most attractive part of the payment plan is that it requires the buyers to pay only 52% until handover and balance in 4 years after handover.”
He added: “We started the properties division with clear focus on affordable housing segment. We identified the gap that existed in the market which was too focused on luxury and super-luxury segments while the mid-income population was left untouched.
“They form a very high percentage of the local population and majority of this population having stayed in this beautiful country for long consider Dubai their home. They were waiting for the right opportunity to invest in real estate.”For all the latest construction 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.