Dubai-based Danube Group almost doubled its turnover to AED 5.13bn ($1.4bn) in 2015 compared to AED 2.8bn a year earlier and is forecasting further growth of 15 to 20 percent in 2016 as it eyes more opportunities in the affordable housing sector.
The Rizwan Sajan-led companys property wing expects to launch three to four low cost developments per year in a bid to cash in on burgeoning demand for low cost housing in Dubai. Danube has launched six affordable residential property developments to date, the most recent being Glamz by Danube.
We started the properties division with a clear focus on the affordable housing segment, Sajan says. We identified the gap that existed in the market which was too focused on luxury and super-luxury segments while the mid-income population was left untouched. He added: I do not build properties worth billions; I only build low-cost properties which do not exceed AED 500 million in value.
Best known as a leading supplier of building materials, Danube plans to invest AED 200mn to open six new retail stores in the region in the near future, bringing its total number of stores to 50.
Projects:
»Glamz Residence
»Dreamz Residence
»Glitz Residence 1, 2 and 3
»Starz Residence