Dubai’s Danube Properties is planning three new project launches this year, as the affordable housing developer reported a 78.5 percent rise in sales in 2018.
Danube Properties, the development arm of the Danube Group, entered the Dubai real estate sector in June 2014 and, as of April this year, has a portfolio of over 5,000 residential units across 12 projects worth just over $1 billion.
Last year, the company recorded a 78.5 percent jump in sales of residential units, bringing its total market share of off-plan sales to 10.6 percent, up from 5 percent in 2017. As a result, the company is planning more launches in 2019 in order to capitalise on the demand for affordable housing.
“There will be launches. We will probably do the same numbers that we did last year... We will probably do one after Ramadan,” Rizwan Sajan, founder and chairman of Danube Group, told Arabian Business in an interview.
Danube Properties last year launched three projects: Jewelz, Elz and Lawnz.
“Our formula is very simple: launch one project at a time, if that is sold successfully we will go to the next one,” he added.
Taking it one project at time means Sajan sees no need to build up a land bank in the emirate, especially at a time when land prices are falling.
“We don’t have a land bank, we buy one at a time. The price is not going up so there is no point having a land bank. We buy the land as and when we need it… Land prices have come down, I say about 20-25 percent in the last couple of years.”
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