KHALEEJ TIMES, Sunday, Sep 6, 2020 | Muharram 18, 1442
Danube builds momentum on its mega projects
Emirates:
Danube Properties has intensified construction work on its mega
development projects to deliver more than 6,000 residential units by 2022 as
demand is expected to pick up following an acceleration in economic
activities by year-end, a top official said.
Atif Rahman, director and partner at Danube Properties, said the company
recorded 18 per cent year-on-year sales growth in the first six months of 2020
despite the Covid-19 crisis, which halted economic activity to almost zero
during the second quarter.
"We sold more than 300 residential units worth over Dh250 million during
January-June. This is in addition to delivery of properties worth Dh300 million
during the period," he said.
Despite the two-month Covid-19 lockdown, a near-stoppage in business activities
and challenging market conditions, he termed Danube Properties' first-half
performance "extraordinary" and attributed the credit to teamwork, management
and visionary leadership of the UAE for handling the Covid-19 crisis delicately
and cautiously to minimise the financial losses to businesses.
"With most businesses either firing staff or sending them on unpaid leaves,
Danube generated employment opportunities and appointed 60 professionals to
ensure speedy completion of its development projects," Rahman told Khaleej
Times in an interview on Saturday.
"Danube Properties increased headcount by more than 31 per cent to 250 by July
2020 from 190 in January 2020 - at a time when other businesses are firing
people to become lean and be able to survive under the challenging economic
situation."
Danube Group, which started its corporate journey 25 years back, is
headquartered in Dubai and operates in nine countries across the Middle East and
Asia. Danube Properties, the property development arm of the business, is rated
amongst the top five developers in the UAE.
"We have intensified construction work on our five mega projects to ensure
on-time delivery in 2020 and 2021. Danube will hand over Miraclz and Bayz in
2020 while work on Jewelz, Elz and Lawnz is progressing well, all three projects
will be delivered in 2021 and 2022," he said.
Danube Properties currently has a development portfolio of 6,194 units, with a
combined value exceeding Dh4.5 billion. It has so far delivered about 2,155
units, with a combined sales value of Dh2.1 billion - nearly half of its
portfolio value.
"The value of under-construction projects stands at Dh2.03 billion," he said,
adding that the combined value of Glamz, Miraclz and Bayz, which are next in
line for delivery, is Dh1.12 billion spread across 1,488 units. "Including
Resortz, it takes our tally of planned delivery this year to almost 2,000
units," he added.
"Danube Properties' continued growth in the time of the pandemic and crisis
makes a compelling case for academic research on how to make a sustainable
business in the real estate sector," Atif concluded.
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