Danube Properties has sold out 75% of its Bayz project in Business Bay within four months of the project’s launch, the company announced in a statement on Wednesday.
Officially breaking ground in May, the 29-storey Bayz, valued at $122.5m (AED450m), will comprise 456 fully furnished apartment units to be completed by 2019.
The development, which is currently in the tendering stage, comes with a 1% monthly payment scheme for end-users, creating an attractive offering for buyers.
The announcement comes less than a month after the developer completed two other buildings, Glitz I and Glitz II, both worth a combined value of $95m (AED350m) in the two years since their official sales launch.
“I am happy to announce that we have sold out 340 apartments of the 456 residential units of Bayz within four months of the project’s launch,” Rizwan Sajan, founder chairman of Danube Group and Danube Properties, said at the side-lines of the Cityscape Global Exhibition.
“Selling 75% of a project during Ramadan and summer holidays is not an easy matter and it reflects the success of Danube Properties’ teamwork and our strong appeal of the benchmark 1% monthly payment scheme to the end-users – who can now look forward to buying a property in Dubai with their limited monthly household income.
The company has launched two major projects – the $82m (AED300m) Resortz and the $123m (AED450m) Bayz – in quick succession earlier this year.
Construction of Resortz has already started with Bayz currently undergoing tendering phase. These two projects, worth $204m (AED750m), are part of the 68 real estate projects registered with the Dubai Land Department, with a combined development value of $5bn (AED21bn), during the first half of 2017.
All Danube’s existing projects are expected to be delivered by the end of 2019, as per the development plan.
“The most important aspect of property development business is to be able to deliver projects on time, on budget and with the best quality within that price range to happy customers. Today, I am happy to welcome home owners and families to their freehold homes – developed by Danube,” Sajan said.