Danube Properties, a major Dubai-based property developer, announced that it has sold 80 per cent of Phase One of Lawnz – its Dh550-million ($149.74 million) affordable housing project – within three days of the project’s launch when buyers were seeing queuing up for tokens.

 

The company had earlier completely discouraged wholesalers seeking to buy out blocks of apartments for re-selling, so that the end-users could benefit from the opportunities created by Danube Properties with the super attractive pricing in the market, said Danube.

 

Phase One of the project consists of 515 residential units, comprising studio, one-bedroom and two-bedroom hall apartments with prices starting from Dh290,000, Dh499,000 and Dh699,000, respectively.

 

The project is equally divided into two phases.

 

Lawnz, Danube Properties’ 11th project, comprises of 1,064 units which will take its portfolio to 4,744 units with a development value exceeding Dh3.7 billion in four years after its foray in the real estate market in 2014. 

 

Construction of the project is expected to start in the third quarter of 2018 with completion in 2020. Lawnz is the first gated complex at the International City with state-of-the-art amenities.

 

“The huge response to Lawnz reflects the fact that there is no shortage of buyers for the right quality property to be built at the right location with the right pricing and the right payment plan,” Rizwan Sajan, Founder Chairman of Danube Group, said. 

 

“Prices of a studio apartment at Lawnz starts at Dh290,000 – the lowest price for such a property that also comes with high-quality finishing kitchen appliances and bathroom amenities. This is unprecedented in the market.

 

“On top of that, our attractive and industry trend-setting 1 percent per month payment ensures the delivery of the property after payment of 51 percent – meaning that the customer could either move in to the apartment after paying 51 installments and save the rents to pay for the rest of the 49 installments.

 

“Or the property investor could repay the balance 49 installments from rental income – if the property is bought for investment purpose. This means that the buyer actually acquires the property after paying half the price of the property!”

 

The lavish amenities include a massive 3.8 acres promenade which offers canal, Sunken Plaza, a fully equipped health club, swimming pool, steam and sauna room, multi-purpose hall, jogging track, barbecue deck, badminton court, multi-purpose court and a high tech surveillance system for the protection and security of the residents. The property also comes with a 42-m wide entrance and outdoor cinema.

 

Among the residential units, 50 per cent of the units are studio apartments while 40 per cent are one-bedroom apartments and 10 percent are two-bedroom apartments.

 

Atif Rahman, director and partner of Danube Properties, said: “Ever since we started to tune in the market of the new project, our phones continued to ring from customers and brokers trying to understand the project. We have declined many requests from large investors to snap up part of the project and had decided to open the doors for the real property buyers who have been priced out by the high price in the market.

 

“Hundreds of property buyers lined up at our office to get appointment to buy the apartments. I am happy to announce that Lawnz has invoked unprecedented response that strengthened our self-belief in our ability to serve Dubai’s real estate market and property buyers in a bigger way. This demonstrates public trust in Danube Properties.” – TradeArabia News Service