The Dh475 million Skyz Tower will be a second home asset for investors… reports Asian Lite News
Dubai headquartered Danube Properties’ unveiled their latest project, the Dh475 million Skyz at the Cityscape Global exhibition at the Expo 2020.
Rizwan Sajan, Founder and Chairman of Danube Group, says the project provides an ideal investment opportunity for investors who want to benefit from the current low price and a higher premium in two years’ time when prices appreciate to a high level.
Property prices in Dubai could grow by 20 percent in two years, offering a 5 to 10 percent annual return on investment. In the last 6 months the property prices have gone up by 20 to 30 percent in many areas.
The company expects greater investor interest in the new project, which will be the focus of its marketing and sales campaign at the Cityscape Global exhibition.
With prices starting from Dh399,000 for a studio, Dh599,000 for a one-bedroom apartment and Dh799,000 for a two-bedroom flat, buyers can expect to receive the keys after paying half of the amount through a 1 percent monthly payment scheme – meaning they can start earning rents after paying only 50 percent of the property.
“The Skyz Tower is an ideal property for end-users and investors who want a 2nd home in Dubai as prices of properties have started to appreciate due to higher investor demand,” added Mr Sajan.
“Buyers of the properties can expect to benefit from 20 percent premium if they sell the property after two years when we will hand over the building to the buyers. This translates to a straight 15 percent annual profit – making it a very high return on investment.”
Skyz will be developed at an 67,837.39 square feet plot of land at Arjan, close to the Miracle Garden with easy access to Mohammed Bin Zayed Highway. The tower overlooks Miracle Garden, Arabian Ranches and Motor city communities.
The concept was to create a new residential destination that celebrates Mediterranean living by maximising usable outdoor space through balconies, terraces, gardens, parks, and plazas. The tower is designed to allow maximum views and light into the scheme and creates a series of ‘external gardens’ distributed around the building linked by an informal route with an outdoor pool and recreation area at various levels
Residential property prices in Dubai increased 4.4 per cent on average in the first eight months of the year, registering the highest annual growth since February 2015, according to real estate consultancy CB Richard Ellis (CBRE). Average apartment prices increased 2.5 per cent and average villa prices increased 17.9 per cent, CBRE said in its third quarter market report recently.
“But those shy away from investing – might miss the boat. Think of those who bought properties last year when the prices and market sentiment was the lowest in the middle of the pandemic – and made a killing by selling them at 30-40 percent premium earlier this year – a solid return in just six months,” said Mr Sajan.
“I urge the investors not to miss the boat this time. It is a golden opportunity – as property price now are still 36 percent lower than the previous peak of 2014. So, prices are still low and attractive. You may not make the same profit if you buy later.”
Average home prices are rising at the fastest pace since February 2015, with transaction volumes surging nearly 77 percent in August from a year earlier — up over 56 percent when compared with the same period in 2019, before the pandemic hit, according to CBRE.
“The demand for new supplies and the demand for new homes will continue to rise. Therefore, it is the perfect time to buy a new home – to benefit from the surge in prices – in order to make good money either through re-sale or rent – that is expected to rise from 2023 onwards,” said Mr Sajan.
Danube Properties recently launched Skyz Tower, a Mediterranean-themed high-rise residential tower with elegantly-designed apartments, retail outlets and recreational facilities with a development value exceeding Dh475 million.
The project will be developed at the Arjan master-planned community in Dubai, close to the Miracle Gardens, opposite to Motor City, Dubai Hills Estates and Dubai Hills Estate Mall with the easiest access to Mohammed Bin Zayed highway. The affordable homes come with Danube Properties’ trend-setting 1 percent payment plan that helps middle income tenants and end-users to easily acquire their dream homes.
The launch of the new residential tower comes a few days after land transaction value exceeded Dh100 billion mark in less than 9 months this year – as announced by Dubai Land Department – fuelled by strong investor interest in Dubai’s real estate.
Danube Properties has recently delivered Bayz and Miraclz, while its largest project Lawnz is currently being completed for delivery will take the number of delivered units to 4,281 with sales value exceeding Dh3.5 billion by the end of this year. This will help to reinforce Danube Properties’ reputation as one of the most successful developers in the UAE with the highest launch-to-delivery ratio.
Danube Properties, part of the Danube Group, made its foray into 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, Bayz, Jewelz, Elz, Lawnz, Wavez, Olivz and Skyz projects.
The company currently has a development portfolio of 7,002 units, with a combined value exceeding Dh4.98 billion. It has so far delivered about 2,155 units, with a combined sales value of Dh2.1 billion – or nearly half of its portfolio value.
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Danube Unveils Dh475 million Skyz Tower