Danube Properties awards Dh381 million worth of construction contracts in 2017

Company prepares to deliver two more projects involving 525 residential units including 171 townhouses and 354 apartments

Date: Dubai, UAE, December 26, 2017

News Highlights

  1. Naresco Contracting wins Dh221 million main construction contract for the 591-apartment Miraclz Tower 
  1. Dubai Walls bags Dh146 million main construction package for the 419-apartment Resortz project, to be delivered in 17 months 
  1. Danube also awarded Dh14 million shoring and piling contract to Atlas Foundation for two projects 
  1. Danube Properties delivers 302 apartments, while 525 more gets ready for handover in a few weeks’ time

Dubai, UAE

Danube Properties, a major Dubai-based property developer, has awarded five construction-related contracts with a combined value exceeding Dh381 million in 2017 – a year it started delivering homes – part of the Dh2.84 billion portfolio.

These construction contracts include a Dh221 million main construction contract recently awarded to Naresco Contracting LLC to deliver Miraclz Tower near Miracle Gardens at Arjan that will host 599 units including 591 apartments. The 28-month contract will see the project delivered by the end of 2019.

Owned by Abdulla Abdulkarim Al Arif, Naresco Contracting LLC has been in the construction industry since 1986. A member of Abdulla Al Arif Investment, Naresco is now in the process of completing Glitz Residence 3 for Danube which is getting ready for handover in a few weeks’ time.

 

Danube Properties has also awarded a Dh146 million contract for the main construction package for the Resortz project to Dubai Walls Construction. The 17-month contract will see the project gets ready for occupancy by the second quarter of 2019. Resortz will host 444 units including 419 apartments, 25 retail outlets, landscaped environment that appears more like a five-star resort, than a residential compound.

Prior to that, Danube Properties has awarded a Dh10 million piling and shoring contract to Atlas Foundation for Miraclz Tower and a further Dh4 million piling and shoring contract for Resortz project.

Mr Atif Rahman, Director and Partner of Danube Properties, said, “These construction contracts reflects our deep commitment to our largest stakeholders – our valuable property buyers and investors – who have put their trust and hard-earned life savings in our projects to receive the keys to their dream homes.

“Since launching its first project in 2014, Danube Properties has been able to deliver two projects involving 302 residential units, worth Dh270 million – part of the company’s Dh2.84 billion-strong portfolio. In the next few weeks, we are preparing to deliver 525 residential units, including 171 townhouses and 354 apartments.

“As a committed property developer, we see ourselves as a custodian and responsible for the delivery of their dream home on time and with the promised quality and facilities. Construction contracts are part of the process and we try to constantly challenge ourselves on timely delivery and with quality beyond the buyers’ expectations.

“We work for our stakeholders – our buyers – and there’s nothing like seeing the smile of a happy customer. We strive to achieve that.”

Danube Properties, part of Dubai-based diversified conglomerate Danube Group, has launched nine residential projects, of which two have been delivered, two are getting ready for delivery while four others are at various stages of construction and one in tendering stage.

The company has one of the fastest development-to-delivery ratio in the region’s real estate market where timely delivery of properties remains a major challenge. That way, Danube Properties’ performance in construction and delivery is helping strengthen buyers’ trust in real estate.

Danube Project Development Fact-Sheet

Danube Projects Residential Units Development Value Status
Dreamz 171 Townhouses Dh500 million Ready for Delivery
Glitz Residence I 151 Apartments Dh135 million Delivered
Glitz Residence II 151 Apartments Dh135 million Delivered
Glitz Residence III 354 Apartments Dh350 million Ready for Delivery
Starz Tower 452 Apartments Dh300 million Under Construction
Glamz Residence 418 Apartments Dh270 million Under Construction
Miraclz Tower 591 Apartments Dh400 million Under Construction
Resortz Tower 419 Apartments Dh300 million Under Construction
Bayz 456 Apartments Dh450 million Tendering Stage
Total 8 Projects 3,165 Residential Units Dh2.84 billion Development/Delivery

 

Editor’s Note

About Danube Properties

Danube Properties, part of the Danube Group, made its foray in to the real estate market in June 2014, by launching the Dh500 million 171 townhouses at Al Furjan. Since then, it continued to expand its development portfolio by launching Glitz Residence I, II, III, Starz, Glamz, Miraclz, Resortz and Bayz projects.

The company currently has a development portfolio of 3,217 units, including 3,165 residential units with a combined value exceeding Dh2.84 billion. It is delivering about 831 units in 2017-18, with a combined sales value of Dh1 billion – or a third of its portfolio value.

 

About Danube Group

Danube Group traces its origin through Danube Building Materials. Established in 1993, the company provides more than 25,000 products in stock and in-house value added services in all of its multiple set of showrooms across the Middle East region and India. The company operates from its head offices in JAFZA with logistics facilities across the region which amounts to 5.5 million square feet and includes kiln drying facility, factory and warehouses of the group.

From a small trading firm, Danube has grown into one of the largest building materials company in the region, with its diversified branches worldwide including UAE, Oman, Bahrain, Saudi Arabia, Qatar and India, in addition to procurement offices in China and Canada. Danube has a team of 1,800 plus people working across strategic locations across the GCC and India.

Among its flagship companies, Danube Home – the Home Interior Retail arm – has showrooms in major shopping malls across the region and in India. In UAE it has showrooms in Sheikh Zayed Road, Dubai Festival City, Bawadi Mall – Al Ain, Abu Dhabi and standalone outlets in RAK, Fujairah and Abu Dhabi as well. In Oman we have 5 showrooms (Salala, Nizwa, Sohar, Baraka and Al Khuwair). Danube Home has a showroom in Bahrain – Salamabad as well.

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