Dubai: Danube Properties’ Dh550 million Elitz development sold out on day of launch

Dubai: Danube Properties’ Dh550 million Elitz development sold out on day of launch

It will deliver 268 studios, 203 one-bedroom apartments, 65 two-bedroom flats, 13 three-bedroom flats and four duplexes

Published: Sun 25 Dec 2022, 11:26 AM Last updated: Sun 25 Dec 2022, 11:49 AM

The Dubai-based private developer Danube Properties said its latest Dh550 million project Elitz has been sold out at the launch, reflecting demand for the affordable segment remains strong in the emirate.

Set to be developed at 36,930 square feet plot of land at Jumeirah Village Circle, the project will have a built-up area of 695,000 square feet. It will deliver 268 studios, 203 one-bedroom apartments, 65 two-bedroom flats, 13 three-bedroom flats and four duplexes. The twin-tower project is connected by a podium complex that houses car parking, community facilities as well as 284 retail units.

The project, planned to be handover in the fourth quarter of 2025, was snapped up by investors, buyers and brokers.

“The real estate market in Dubai has come out of age and has demonstrated resilience by registering growth amid the biggest pandemic in human history, by recording Dh300 billion sales and mortgage transactions last year, which is definitely going to be broken this year to create a new record,” said Rizwan Sajan, founder and chairman of Danube Group.

“For