Danube Properties, the UAE-based real estate developer, has announced the launch of Olivz, a master-planned cluster of buildings offering 741 residential units and a number of retail and recreational facilities with a development value exceeding 400 million dirhams ($108.9 million).
The project will be developed in Al-Warsan First area close to the International City and Dragon Mart with easy access to Mohammed bin Zayed Road. The affordable homes come with Danube Properties’ 1 percent payment plan that aims to help middle income tenants and end-users to easily acquire their dream homes.
The announcement was made at a press conference addressed by Rizwan Sajan, founder and chairman of Danube Group, and Atif Rahman, director and partner of Danube Properties.
This marks the first real estate project launch of 2020 in the UAE and reflects Danube Properties’ confidence in the market that is witnessing a slow upturn as the countdown to the World Expo 2020 — that is expected to drive the demand for new homes — gains momentum.
With Olivz, Danube Properties’ development portfolio grows to 6,194 units, with a combined development value exceeding 4.5 billion dirhams. It has so far delivered about 2,155 units, with a combined sales value of 2.1 billion dirhams — or nearly half of its portfolio value.
“The launch of Olivz reflects our growing confidence in Dubai’s real estate market, which never ceases to amaze investors. The launch is timed well to meet the needs of the growing number of end-users who are now more confident to buy their dream homes,” said Sajan.
“We have seen demand picking up in the last few months as we sold out all our previous projects — that necessitated the launch of Oilvz. With World Expo 2020 around the corner, we see an uptake in housing demand and the launch of Olivz is well timed to meet the demand.
“Olivz also gives Dubai’s real estate brokers a good number of inventories to promote and sell, and we are happy to see them requesting advance booking of units.”
Olivz will be developed on an 18,016-square-meter plot of land at Al-Warsan First. Each residential building will be uniquely positioned facing landscaped gardens, with amenities such as swimming pool, jacuzzi, sunken seating surrounded by water bodies, water canals, play courts, kids’ play areas and a BBQ area.
Rahman said: “Olivz is another project that will reflect our commitment to designing and delivering a happy community. It is driven with the intention of creating a superior lifestyle for the mid-market segment at extremely affordable prices. We have exerted immense efforts in ensuring that people will enjoy their life at Olivz once it is delivered.”
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