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1. Danube Properties sells out 85 per cent of Ritz by Danube since the launch of a new living concept that converts part of the living room into a bedroom at night and turns a one-bedroom apartment in to two-bedroom flat at night
2. The European technology offers greater living experience with less space
3. The Dh300 million Ritz offers fully-furnished 450 apartments including 180 studios, 135 one-bedroom and 135 two bedroom apartments
4. Prices of studio starts with Dh430,000 with modular furniture
5. Danube’s innovative ‘One per cent’ monthly payment to help home-buyers
6. Limited units are currently on offer before the complete sell out of the project soon
Danube Properties, an innovative Dubai-based real estate developer and part of Danube Group, has defied the current market trend by selling out 85 per cent of its latest project –the Dh300 million Ritz by Danube –that converts your living room into a full sized bedroom at night and offers greater comfort and convenience to upwardly mobile families.
Property buyers and investors were quick to snap the opportunity offered by Ritz by Danube that brought down the price barrier below the psychological barrier of half a million Dirhams and bundled with complete home furnishing for as low as Dh430,000 – with a 1 per cent monthly payment.
The success of the latest project comes after the developer had sold of Glitz I, II and III last year and after the successful sell-out of Dreamz by Danube – all launched within 18 months. All the projects are current undergoing construction – four months ahead of the scheduled development plan.
The marketing success of the Ritz by Danube project comes at a time when property sector in Dubai is reported to have witnessed a slowdown. However, Danube Properties has repeatedly defied the market trend by offering properties that the customers want.
“Or experience over the last one and a half years of project launches strengthened our conviction that if you have the right project at the right location and offer them to customers at a convenient payment plan, you can’t go wrong – despite market conditions,” Rizwan Sajan, Founder Chairman of Danube Group, said. “Our success in selling out 85 per cent of Ritz by Danube since its launch is a clear testimony that if you have the right product at the right price and at the right location, there isn’t any shortage of buyers. You just need to make the product appealing to them.”
The new technology-enabled home solution will be developedat Al Furjan neighbourhood in Jebel Ali area of Dubai that is in close proximity to Dubai South, the Dh120 billion 140-square kilometre mixed-use development that will host Al Maktoum International Airport and the World Expo 2020.
Danube has partnered with a European solutions provider through its retail arm, Danube Home that will install specially made modular furniture in the living room with the 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.
“The marketing success of Ritz also strengthens our firm belief of the long-term sustainability of Dubai’s real estate sector which is currently the best regulated market in the region. Despite the current market situation, no developer could go wrong if they bring the right product at the right location and at the right pricing.
“When it comes to investment in Dubai’s real estate, there could not have been a better time to buy. However, buyers need to look at the project, location, pricing, payment plan and the developer’s credibility and commitment.”
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.
“With Ritz, we introduced the latest home technology to our customers at a time when consumers are looking for more with less – something that we have been doing for sometimes with our Glitz project,” Rizwan Sajan, said. “This took our famous ‘One per cent monthly payment’ concept to the next level where we are doubling our offer with the same one per cent payment.
“Besides, our fully-furnished package deal that comes with the home – reduces the extra burden of looking for matching furniture and amenities. With Ritz, we are offering a ‘one-stop’ home services so that the home owner can walk in to the new home to use everything straight away.”
The Ritz is Danube Properties third major project after Dreamz and the Glitz trio – and takes the total value of the group’s real estate portfolio to Dh1.5 billion. Ritz offers 450 apartments including 180 studios, 135 one-bedroom and 135 two-bedrooms with built-in modular kitchen, furniture and complete bathroom fittings by Milano – Danube’s Italian bath solutions.
In addition to these, Ritz homes comewith health club, sauna and steam rooms, tennis court, basket ball court, party hall and car parking etc.
“The new home solution will appeal to new couples and small families who are on the move and wants a cozy, ready-made home with fitted in furniture and amenities as well as give them enough space to entertain and host guests and friends over the weekend. Since we can’t expand the space at home, we found a better way to utilise it by the use of innovative technology,” Sajan adds.
Danube, which started in 1993 as a building materials supplier, has transformed itself into a large corporation offering 25,000 types of building materials, interiors and home solution products. In 2013, the company ventured into real estate as it completed two decades of business.
Danube Properties’ new launch comes amid a softening of the luxury property market in Dubai, which will add 1.8 million people in the next five years to its population of 2.4 million. The move reflects a company culture to defy the odds and expand business when others wait and see.
“Real estate is a long term business and I am a firm believer of the long-term sustainability of Dubai’s economy which is very resilient,” explains Rizwan Sajan on the timing of the property launch. “Besides, a moderate approach to Dubai’s economic and demographic expansion shows that the Emirate will need 18,000 new homes per year for the next five years to accommodate the 1.8 million new consumers, all of whom will need accommodation.
“The current supply of 12,000-13,000 per annum falls well below the anticipated demand. Besides, more than 80 per cent of Dubai’s population live in rented homes – many of whom can afford to buy properties to live or rent out. With property prices coming down to a more realistic level that are becoming attractive to the end-users, we see the possibility of a large-scale migration to home ownership, from rental homes.
“We believe, our new offerings will stimulate families with a household incomes of Dh15,000-25,000 to buy homes as opposed to stay in rented apartments and insulate themselves from the rent-related inflation that might eat into their savings by the time Expo 2020 rush creeps in.”
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.
“The current economic environment offers perhaps the best opportunity for home buyers as well as investors,” Sajan explains. “First, the home buyers will be able to save them from the increased high rent in Dubai that will affect their savings. Besides, the apartment will command higher value and rent – in case the home-owner wants to sell or rent out. Either way, you are guaranteed higher returns.”
Dubai offers one of the highest rental yields of 6-8 per cent in the worst case scenario. In most cases, the rental yield is around 10 per cent – which means an end-user spends 10 per cent of the home price in yearly rent.
“If the rents are converted into monthly or yearly instalments to pay for the homes, most Dubai’s residents will be able to own a home in Dubai,” Sajan says.
