New project will feature major residential tower, planned to allow home buyers to benefit from future price appreciation
Shuaa Capital, the asset management and investment banking platform, has announced that it has arranged, on behalf of its subsidiaries and other investors, the sale of a prime plot of land in Business Bay for AED190m ($51m) to Dubai-based developer Danube Properties.
This transaction is part of Shuaa Capital’s ongoing strategy to consolidate its asset portfolio, driving value for its shareholders and supporting the growth of Dubai’s real estate market.
Shuaa Capital Group CEO, Fawad Tariq Khan said: “We are delighted to reveal this transaction with Danube Properties, with whom we have a growing relationship. This agreement underscores our dedication to generating shareholder value and participating in the advancement of Dubai’s real estate sector. Our strategy focuses on recognising and seizing opportunities that resonate with the ever-evolving UAE market.”
Danube plans to develop a major residential tower on this new site – and Danube Chairman, Rizwan Sajan commented: “As one of the fastest-growing private real estate developers in the UAE, we are always on the lookout for prime plots of land in key development areas. This purchase will help Danube to create a more attractive project for investors and home buyers to invest and benefit from future price appreciation, due to its attractive location. Business Bay forms the new business district and once completed, will create a vibrant downtown at the heart of Dubai, where we already have delivered Bayz – one of our key projects. Purchase of this particular piece of land will help us strengthen Business Bay as a vibrant downtown where people will be able to live, work and do business – at a location next to Burj Khalifa, the world’s tallest tower.”