Dubai developer Danube Properties plans to launch two to three projects every year through to 2026, worth as much as Dh1 billion ($272 million), with the aim of bridging supply gaps in the emirate's cheaper housing segment, its founder and chairman said.
Danube may increase the value of investments to as much as Dh1.4bn if the market continues its rapid recovery from the coronavirus-induced slowdown, Rizwan Sajan told The National in an interview.
“I will be launching, on an average, Dh1bn projects every year – Dh800m to Dh1bn,” said Mr Sajan, whose interests span the property development, building materials and home decor businesses.
“This is my plan. I am not rushing ... in spite of me selling projects so fast.”
The company launched Skyz, a Dh475m residential project, in Dubai last month and plans to launch its next project worth between Dh300m and Dh400m in the first quarter of 2022, he said.
“We are working on [details] of areas where we have plots; it could be Arjan, it could be Furjan or Warsan areas [of Dubai]," he said.
Danube Properties, which has a portfolio worth Dh5bn in Dubai, is bullish about business prospects in Abu Dhabi and is actively looking at plots of lands in the capital for future projects.
The developer is also open to joint ventures with landowners to export its “affordable luxury” brand to the emirate, Mr Sajan said.
The property market in the UAE, the second-biggest Arab economy, has made a strong recovery from the pandemic-driven slowdown, as the country’s economy improves on the back of fiscal and monetary measures.
Pent up demand and improved investor sentiment have also helped to drive property sales, especially in Dubai and Abu Dhabi, amid a pick-up in economic activity.
Dubai, the commercial and trading centre of the Middle East, recorded 37,537 sales transactions worth Dh88.12bn in the first eight months of the year, about 23 per cent more than the whole of last year, according to listings portal Property Finder.
Prices of residential properties in Dubai have risen 4.4 per cent on average in the eight-month period through to the end of August, the highest annual growth since February 2015, according to property consultancy CBRE.
Average prices of residential units in Abu Dhabi have risen 2.2 per cent over the same period, the consultancy said. The UAE capital registered property transactions worth Dh16.2bn during the third quarter of 2021 alone.
Danube has already sold more than 40 per cent of its Skyz project, its first after the Covid-19 pandemic, and expects to achieve 90 per cent of its sales target before the end of this year, Mr Sajan said.
When I get a good project and I know that the permissions will be easily achievable, I will definitely want to launch in Abu Dhabi,” he said
Rizwan Sajan,
founder and chairman of the Danube Group
“The market has recovered so well that we are now extra bullish,” he said. “I personally feel that the boom is now coming to the UAE market, especially if you look at the prices that have gone up in the last six months to one year."
Investors from all over the world have been “pumping money” into the UAE market and buying properties and “I feel the real estate prices will definitely go up further”, Mr Sajan said.
Danube Properties, which ventured into the real estate market in June 2014 with a Dh500m town house development in Dubai's Al Furjan district, currently has a development portfolio of 7,002 units.
It has so far delivered about 2,155 units with a combined sales value of Dh2.1bn.
The developer, which offers attractive payment plans, intends to focus on the cheaper housing segment of the market.
“I want to stay in the affordable sector because I am able to sell it very fast, Mr Sajan said.
“I still see a lot of potential [of growth] for this segment of the market.”
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Day one at Cityscape - in pictures
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
More on animal trafficking
IPL 2018 FINAL
Sunrisers Hyderabad 178-6 (20 ovs)
Chennai Super Kings 181-2 (18.3 ovs)
Chennai win by eight wickets
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Results
5pm: Handicap (PA) Dh80,000 (Turf) 1,600m; Winner: Nadhra, Fabrice Veron (jockey), Eric Lemartinel (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,400m; Winner: AF Dars, Tadhg O’Shea, Ernst Oertel
6pm: Handicap (PA) Dh80,000 (T) 1,400m; Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel
6.30pm: Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Taghzel, Malin Holmberg, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m; Winner: M’Y Yaromoon, Khalifa Al Neyadi, Jesus Rosales
7.30pm: Handicap (TB) Dh100,000 (PA) 1,400m; Winner: Hakeem, Jim Crowley, Ali Rashid Al Raihe
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
UAE%20FIXTURES
%3Cp%3EWednesday%2019%20April%20%E2%80%93%20UAE%20v%20Kuwait%3Cbr%3EFriday%2021%20April%20%E2%80%93%20UAE%20v%20Hong%20Kong%3Cbr%3ESunday%2023%20April%20%E2%80%93%20UAE%20v%20Singapore%3Cbr%3EWednesday%2026%20April%20%E2%80%93%20UAE%20v%20Bahrain%3Cbr%3ESaturday%2029%20April%20%E2%80%93%20Semi-finals%3Cbr%3ESunday%2030%20April%20%E2%80%93%20Third%20position%20match%3Cbr%3EMonday%201%20May%20%E2%80%93%20Final%3C%2Fp%3E%0A
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
'The Predator'
Dir: Shane Black
Starring: Olivia Munn, Boyd Holbrook, Keegan-Michael Key
Two and a half stars
