“Have you seen my advertising?” Rizwan Sajan, founder of the Dubai-based Danube Group asks as we’re wrapping up our interview in his Jebel Ali office.
It’s just a couple of days before the company is due to host the sales launch of Dreamz By Dubai, which is his company’s first foray into the property market.
To be fair, the advertisements are hard to miss. Billboards promoting the development featuring former India cricketer Sunil Gavaskar have been plastered over hoardings right across the city.
Sajan clearly decided not to take any chances, even though he was confident of quickly selling all 171 of the townhouses the company was offering at the site.
“We are expecting a mad rush over there. Seriously, with the branding which we have done I will have to call the police over there,” he said, in a nod to some of the more lively off-plan property launches that Dubai experienced during the last property boom.
“We have about 2,000 people pre-registered for 171 lots,” he told CW.
“I’m expecting 1,000-plus people to come at least. I’m expecting to be sold out within the first couple of hours. The reason? Because in that area – the new Dubai area – there is no property at this particular price.”
His confidence was well-founded. In the following week, the development did indeed sell out within hours.
Sajan had been confident for two main reasons. The first was its location in the Al Furjan area of the city, where master developer Nakheel has been making improvements to infrastructure, and it has just awarded an $11.9mn contract for a new community mall.
Although he had previously bought and sold land as investments, Sajwan said the Al Furjan plot had only been acquired around three months ago after he had taken the decision to launch his new Danube Properties arm.
“We were very lucky to get this plot, because this is only one of a few left in that area. Why Al Furjan? Because it is ideally located in the new Dubai, close to Sheikh Zayed Road behind Ibn Battuta Mall.
“Location-wise, it’s one of the best locations one could have today because there are hardly any plots in that area left,” he said.
Indeed, a report published by consultancy Asteco last week highlighted Al Furjan as one of the areas for villas that has experienced the highest demand growth. Within the past 12 months, prices in the area have increased by 44% to $300 (AED1,100) per ft2.
“You could have plots in Dubailand and near Al Ain Road but not in this area. Close to Sheikh Zayed Road there is nothing.”
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