Danube Properties Launches Dh800 Million Elitz 3 in JVC, Dubai
- Aug 14,2023
Danube Properties has recently unveiled its latest project, Elitz 3, with a development value exceeding Dh800 million. Situated in the Jumeirah Village Circle (JVC), Elitz 3 joins the ongoing construction of Elitz and Elitz 2 towers within the same locale. Expected to be completed in the fourth quarter of 2026, these twin towers will soar to 40 and 46 floors, comprising a total of 750 residential units, including studios, 1, 2, and 3-bedroom apartments, along with a few retail stores.
Boasting over 40 community, health, and lifestyle amenities, Elitz 3 by Danube in Jumeirah Village Circle, Dubai, is designed to provide a comprehensive living experience. The amenities include a health club, swimming pools, sports arena, tennis court, barbecue area, jogging track, and more. Elite 3 by Danube Properties, 24th residential project and the 9th tower launched in the past 18 months, Elitz 3 contributes to a portfolio encompassing 11,529 units spread across 24 projects, with a combined development value exceeding Dh10 billion so far.
Rizwan Sajan, the Founder, and Chairman of Danube Group, expressed confidence in Dubai's real estate market, highlighting its resilience and attractiveness amid global economic challenges. The rapid launch of Elitz 3, following Elitz 2, reflects the robust growth in the market. Emphasized the significant surge in real estate transactions and sales value in the first half of the year, surpassing annual figures from 2009 to 2021. Dubai's economy is currently experiencing significant growth, with the real estate sector serving as a primary catalyst. This surge in economic activity is not only attracting substantial domestic investment but also garnering considerable attention from international investors. The city's real estate market has become a magnet for both local and foreign capital, playing a pivotal role in driving Dubai's economic prosperity.
Prices for Elitz 3 residential units start at Dh699,000 for a studio apartment. To make home acquisition more accessible, the project introduces a pioneering 1 percent monthly payment plan, following initial deposits. Mr Sajan highlighted the positive impact of this payment scheme, making property ownership more attainable and contributing to an increase in freehold homeowners in the UAE.
Danube Properties follows a strategic approach of launching, selling, appointing a contractor for construction, and then proceeding to the next project. The developer is set to deliver three towers this year, including Wavez, Jewelz, and Olivz, with most projects launched in 2022 and 2023 ahead of schedule. This efficient approach aligns with the company's commitment to delivering quality homes within stipulated timeframes.
Danube said its homes are usually delivered around the mid-way through the payment plan. This implies that buyers can occupy the apartment after fulfilling 65 percent of the total property value. This arrangement enables homeowners to derive added benefits, either through augmented savings on rent or by covering equated monthly installments (EMI) with rental income.
Source: Danube Properties