The Dubai-based developer Danube Properties has announced it has sold 85% of its latest Dh300 million ($82m) Ritz project.
Studio units in the Ritz by Danube development were priced at Dh430,000 ($117,000), with a 1% monthly payment plan.
The company says that another element of the Ritz that has helped sell units is the modular furniture, which allows part of the living room to be converted into a bedroom at night.
The Ritz comprises 450 apartments including 180 studios, 135 one-bedroom and 135 two-bedrooms with built-in modular kitchen, furniture and bathroom fittings.
Facilities include a health club, sauna and steam rooms, a tennis court, a basketball court, party hall and car parking.
The property will be developed at Al Furjan neighbourhood in the Jebel Ali area, close to Dubai South.
“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,” said Rizwan Sajan, founder and chairman of Danube Group.