First two projects by materials firm’s property arm are expected to be completed in September 2016 and July 2017
Danube Properties has started the construction of its first two projects in Dubai, worth a total of almost £220 million, the company said in a statement.
The developments mark the first real-estate venture for the firm, which is a wholly-owned subsidiary of Danube, the UAE’s biggest building materials supplier.
Construction of the Dreamz development, which is valued at $136.1m, and Glitz ($81.6m) is expected to be complete by September 2016 and July 2017 respectively.
“We are delighted to officially start construction on our first two realty ventures for the division. Both our projects are currently on track as per our initial plan,” said Rizwan Sajan, founder and chairman of Danube Group.
Dreamz encompasses 171 luxury townhouses located at the Al Furjan community close to Jebel Ali.
Glitz is now under construction at Dubai Studio City, and includes a mix of 300 studio, one, two and three bedroom apartments. The United Engineering Construction Company was appointed contractor for the project at the end of 2014.
Dreamz was sold out on the first day of the public sale in June 2014, while Glitz – which was launched on the December 28th last year – sold out on January 12th.