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Dubai, January 26th 2016: Bollywood icon, Anil Kapoor has bought a flat in Ritz by Danube development confirmed Rizwan Sajan, Founder & Chairman of Danube Group at a press conference held at Novotel, Al Barsha today. Danube Group, Dubai-based diversified conglomerate with interests in real estate, building materials and interior products, had unveiled a new living concept that creates more life space – by turning one bedroom into two at night – within a limited household and offers greater comfort and convenience to upwardly mobile families.
Ritz by Danube, a Dh 300 million new development being planned in Al Furjan neighbourhood in Jebel Ali area of Dubai that is in close proximity to Dubai South, the Dh 120 billion & 140-square kilometre mixed-use development, that will host Al Maktoum International Airport and the World Expo 2020.
Danube has partnered with a Spanish home technology solutions provider that will install modular furniture in the living room with the full- size bed tucked into the wall as part of the interior home décor with a sofa set. The bed, when released from the wall, gradually falls on the ground as a bed, ready to sleep in. Additionally, the collapsible doors provide quick and easy space division for privacy.
The unit comes as part of a fully-furnished home offering – the Ritz – by Danube Properties which is bundling out the solutions for as low as Dh430,000 for a studio flat with a one-per cent monthly payment plan that is convenient to the end-users. The 1% payment plan allows buyers to only pay 52% of the total value before the possession and the rest 48% will be paid in convenient EMIs.
The house price continues to decline on weak demand; however projects like RITZ by Danube fulfill an important gap in the market. The new home solution- RITZ by Danube will appeal to new couples and small families who are on the move and want a cozy, ready-made home with fitted-in furniture. The amenities give home-owners enough space to entertain and host guests and friends over the weekend.
With property prices coming down to a more realistic level that are becoming attractive to the end-users, there is a possibility of a large-scale migration to home ownership, from rental homes.
Taking the discussion on affordable housing further, Anil Kapoor added, “Developers need to read the market requirements and respond to the consumers’ needs. When I heard about Ritz by Danube, I somehow knew that it is one project which is being developed for the masses, who aspire to own a house in Dubai. I congratulate Danube Team for seeing this innovation through and bringing a new wave of affordable housing to the fore. I urge everyone to have a look at the show apartment to witness the latest technology in real estate.”
With Dubai’s property prices remaining lower compared to global hub cities such as London, Mumbai, Singapore and Hong Kong, the new low-price environment offers a great opportunity for consumers to benefit from not only the asset but the price appreciation of the asset when delivered.
Dubai offers one of the highest rental yields of 8-10 per cent in the worst case scenario. In most cases, the value addition leads to a rental yield of around 10-12 per cent – which means an end-user spends 10-12 per cent of the home price in yearly rent.
