Danube says its ‘Glamz’ development sold out in “a few days”, further underlining the demand for affordable property in Dubai.
All 418 units have been sold at ‘Glamz by Danube’, an AED300 million ($81.7m) project in the Al Furjan area near Discovery Gardens, the developer said in a statement.
The studio, one- and two-bedroom apartments sold out before the official public launch, it added.
Danube said it would be launching a new project soon, as one of several developers looking to tap demand for affordable housing in the UAE.
Like with its other projects, Danube was offering a 1% monthly payment scheme for the purchase of units at Glamz. The plan, when announced, obliged buyers to put down a 10% payment followed by another 15% payment in 60 days, and then 75 equal monthly payments without interest.
“Today the ‘Stop Renting and Start Owning’ push has grown in status, entirely because of the innovation we deploy, both in terms of features and location without compromising on quality,” said Rizwan Sajan, founder and chairman of Danube Group.
Danube says its first project, Dreamz, is “well on schedule for delivery”, while its others – Glitz 1, Glitz 2, Glitz 3, Starz and Glamz – are all four to five months ahead of schedule.
Developers in the UAE have been putting a bigger focus on homes geared towards those on lower incomes.
Nshama was last year marketing three-bed properties at its Town Square development for Dh1 million ($272,000), while Abu Dhabi developer Aldar Properties in June 2015 announced its “mid-market” Meera residential development, located on Reem Island.