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Sun 24 Apr 2016 03:53 PM

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Naresco wins $50m deal to build Danube’s Glitz Residence 3

Dubai developer says project is up to five months ahead of schedule

Naresco wins $50m deal to build Danube’s Glitz Residence 3

Real estate developer Danube Properties has awarded Naresco Contracting a $50 million contract to build a residential community in Dubai Studio City.

The $95 million Glitz Residence 3, which features 352 housing units, is expected to be completed by the end of 2017, Danube said in a press statement.

Naresco is already working on Danube’s Glitz Residences 1 and 2.

 “The investors are our biggest asset and we repay their faith in us with quality workmanship and timely delivery,” said Rizwan Sajan, founder and chairman of Danube Group.

“We emphasize on thorough understanding of project objectives and maintain a continuous flow of informational updates to all levels of the project team and other stakeholders so that everybody aligns themselves towards those objectives.”

The company said that all three of the Glitz projects, together with another project – entitled Starz – were between four and five months ahead of schedule.

Earlier this month, Danube confirmed its Ritz development in Dubai has been renamed due to a trademark infringement.

The firm had changed the name on its $81.6m residential project from Ritz to Starz. 

Aatif Rahman, general manager of Danube Properties, said: “We had named our fifth project Ritz Tower by Danube after securing NOCs [no-objection certificates] and approvals from all relevant authorities.

"Later, it was [discovered] that the name clashed with another registered trademark."

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