Eshraq Investments declares resounding success of Danube Properties transaction

Abu Dhabi, UAE: Eshraq Investments PJSC (“Eshraq” or “Company”) announced today an update to its shareholders regarding its previously announced sale agreement with Danube Properties for the sale of two plots in JVC.

On 6th October 2022, Eshraq had announced the sale of two land plots in Jumeirah Village Circle (JVC) in Dubai to Danube Properties. In addition to the initial purchase price of Dh33.1 million, the sale and purchase agreement provided for an annual profit and an earnout mechanism payable to Eshraq tied to the projects’ profits.

Danube recently announced that its Dh550 million project Elitz on the said plots has been sold out and is expected to be handed over by December 2025. The project, which taps into growing demand for affordable housing in the UAE, was snapped up by investors, buyers and brokers on launch day.

The successful launch of the project de-risks Eshraq’s collections from this sale. The transaction is testament to Eshraq’s commitment to delivering optimal value to its shareholders through reputed partnerships with trusted UAE developers. It also highlights the continued progress of the Company’s land monetisation programme as approved by the Board of Directors on September 2, 2022.

Jassim Alseddiqi, Chairman of Eshraq Investments, said: “We congratulate Danube Properties on yet another successful project launch. We remain committed to delivering exceptional value to Eshraq’s shareholders through reputed partnerships that support the efficient execution of our land monetisation programme. We remain confident that our actions will enhance Eshraq’s profitability and shareholder returns.”

Eshraq’s land monetisation programme is being implemented with the goal of fully monetising the Company’s land bank over the next three years through the sale or engagement of partners to develop the land bank and its subsequent sale.


Mr. Rizwan Sajan, Founder and Chairman, Danube Group: Achieving All-Round Excellence

Elitz is the 20th real estate project launched by Danube Properties so far within eight years of the launch of its first project in 2014. It has so far delivered 13 of the 20 projects launched earlier – making it one of the most successful developers when compared to announced vs delivered projects.

Danube Group which began its journey in 1993 as a small trading enterprise, has over the last 30 years achieved tremendous growth in all its divisions under the visionary leadership of its Founder and Chairman, Mr. Rizwan Sajan.

For Danube Properties, part of the Dubai-based multi-billion-dollar conglomerate Danube Group, 2022 turned out as a record year in which it altogether sold out six projects consecutively. Well-known as UAE-based affordable housing pioneer, Danube Properties is acknowledged for its on-time delivery, exceptional quality projects and record sales. The company completely sold out its residential project ‘Elitz’ with a development value exceeding Dh550 million on the day of its launch. ‘Elitz’ offers more than 30 amenities and Danube Properties’ benchmark facilities such as penthouses, common-use facilities and magnificent views of the neighbourhood on all sides of the building.

Elitz is the 20th real estate project launched by Danube Properties so far within eight years of the launch of its first project in 2014. It has so far delivered 13 of the 20 projects launched earlier – making it one of the most successful developers when compared to announced vs delivered projects.

Apart from high quality and the best luxurious amenities, the projects of Danube Properties enjoy high demand in the market because of its trend-setting 1 per cent payment plan that helps middle income tenants and end-users to easily acquire their dream homes.

“The response of all our projects has been superb and we have seen that as soon as we unveil any project and launch it for sale, on the first day of launch the property is completely grabbed by investors,” said Mr. Sajan.

He informs further that five-six new projects are lined up to be launched in Dubai in the year 2023. Because of the Golden Visa offered by the UAE government, end-users and investors are queuing up to invest in the company’s real estate projects from all across the globe. However, “the major buyers in the projects of Danube Properties are the Indians, and then we have seen a lot of influx in the past six months from Russia and London,” said Mr. Rizwan Sajan.

He said the market in Dubai is extraordinarily good and the prices of properties are also very reasonable. “A lot of people from GCC countries like Saudi, Oman, Bahrain, and Kuwait are also buying from us,” he added.

“Dubai is a good market and the people love the city and want to make it their base here or shift permanently,” said Mr. Sajan adding that the ongoing rise in demand is expected to continue at least next two-three years.

With the launch of Elitz, Danube Properties’ current development portfolio of Danube Group exceeds 8,779 units, with a combined sales value exceeding Dh6.75 billion. It has so far delivered 4,556 units with a combined sales value of Dh3.63 billion – more than half of the entire portfolio value.

Mr. Sajan is also the proud owner of the brand Filmfare Middle East. He said, “We have the franchise of Filmfare in the middle east where every year we host a big concert. Recently, a lot of Bollywood stars, Pakistani artists and the stars from Arab world also attended the grand event. From India, the mega stars like Ranveer Singh, Govinda, Hema Malini, Janhvi Kapoor, Ayushman Khurana, Arjun Kapoor and Sunny Leone among others attended the event.”

The company’s home interiors division Danube Home has recently opened its third showroom in India at Marathahalli, Bengaluru. The brand already has two showrooms in Hyderabad. Danube Home store typically showcases a wide variety of indoor and outdoor furniture and furnishings, curtains, carpets, modular kitchen, and a host of sanitary ware like bath fittings, bathtubs and shower enclosures, among others. The complete home solution brand has presence across United Arab Emirates (UAE), Oman, Qatar, Kingdom of Saudi Arabia (KSA), Bahrain, Kuwait, Africa and India. Another division of the group, Danube Building Material offers 25,000 products under one roof.

Born and brought up in a middle class family in Mumbai, Rizwan Sajan is a workaholic. He earlier moved to Kuwait to earn a living and then he moved to Dubai, where he started his own business of building material and later expanded in different segments. He is ranked 7th among the ‘Top 100 Indian leaders in the UAE’ List by Forbes Middle East and despite attaining such a huge success, he is a down-to-earth person.


Dubai developer launches $381m JLT tower with Aston Martin interiors, sky villas and Japanese garden

Dubai’s Danube Properties announces Viewz tower in JLT with Aston Martin interiors and duplex apartments.

Dubai real estate firm Danube Properties has unveiled plans for a new $381m tower, complete with sky villas, Aston Martin interiors, a Japanese garden and private cigar lounge.

Danube Properties says that Viewz, it’s largest project to date, will deliver apartments and sky villas with a development value exceeding AED1.4bn ($381m).


JVT is getting a fashion-themed residential building with its own cinema, fashion school and more

The first-ever FashionTV residential building is going to be built in Jumeirah Village Triangle and the plans seem pretty extra.

A collaboration between Danube Properties and FashionTV, the residential tower Fashionz by Danube will have over 700 apartments and some crazy leisure spaces.

Early plans for the skyscraper detail that Fashionz by Danube will include its very own skating rink, fashion school, outdoor cinema, a Japanese garden, trampoline park, dance studio, meditation room, outdoor chess set and padel court.

Not only will the sleek building home all of that, but there will also be restaurants, a rooftop bar with a pool and a number of cafes.

fashionz by danube

Future tenants can also look forward to having a doctor in the building who will be on call for any health concerns.

The building is being marketed as luxury but affordable. Rizwan Sajan, founder and chairman of Danube Properties said, “We wanted to bring glamour and luxury fashion into real estate. After all, our homes are an extension of who we are and where and how we live should reflect our lifestyles too.

“We wanted to offer this aspirational glamour to our buyers who are fond of all things luxurious but also affordable.”

rooftop bar at danube fashionz

Apartments in the glamorous building will start from Dhs850,000 to buy.

Pitched at Bollywood stars, Danube has reported that a number of famous Indian names have visited their offices already – including Kartik Aryan, Sanjay Dutta, Govinda, Ankit Tiwari, Meet Bros, Kiku Sharda, and Sunny Leone.

Tempted? You can learn more about the new tower coming to JVT here.


Danube Properties partners with Dubai Land Department for onsite initial sale contracts (Oqood) services

Danube Properties, the UAE-based affordable housing developer, has signed a landmark agreement with Dubai Land Department to deliver on-site initial sale contract (Oqood) almost instantly.

Once the necessary processes are completed, Oqood will be delivered instantly to Danube property buyers as compared to a longer standard process – saving time, hassle, and steps for investors – offering the highest level of customer happiness.

The move comes as Dubai Land Department – Real Estate Registration Sector – strengthens its service delivery to real estate buyers and will go a long way in strengthening investor confidence in Dubai’s real estate sector which has seen property transaction value jump 76.5% to Dh528 billion last year, compared to Dh300 billion in 2021.

Majid Saqr Abdullah Al-Marri, CEO, Real Estate Registration Sector at Dubai Land Department, said, the move is in line with Dubai government’s vision to offer the best and most seamless customer experience in real estate.

“Dubai Land Department has been improving ways to make property transactions seamless and more efficient with the use of the latest technologies. This agreement with Danube Properties reflects our willingness to take our services to the customers’ doorsteps and fingertips. Instead of property buyers coming to us, we are going to them – through real estate developers – at their offices,” he said.

“This is in line with the directives of Sheikh Mohammed bin Rashid Al Maktoum, VP and prime minister of the UAE and ruler of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, crown prince of Dubai and chairman of Dubai Executive Council – who are constantly guiding us to innovate, evolve and excel in our service delivery to strengthen the customer experience.”

Rizwan Sajan, founder and chairman of Danube Group, expressed his gratitude to Sultan Butti Bin Majren and Dubai Land Department for extending such facilities to Danube Properties.

Danube Properties launched six projects, worth Dh3.42 billion from January 2022 to January 2023. The developer’s current development portfolio includes 22 projects and 10,713 units, with a combined sales value exceeding Dh10 billion.

In 2023, the developer launched two large residential projects in association with two luxury brands. The recently launched Fashionz is Dubai’s first FashionTV branded residence. In January, it launched and sold out the iconic Dh 2.05 billion project – Viewz at the Jumeirah Lakes Towers (JLT). The project will come with Aston Martin furnishings and will redefine luxury living through. In 2023 only, Danube Properties has already launched two luxury residential projects in just 4 months.

Danube Properties offers homeowners a 10-year Golden Visa – especially those who qualify as per the investment criteria – subject to government approval. As one of the most successful developers in the UAE with the highest launch-to-delivery ratio, Danube Properties has recently delivered Bayz, Glamz, Starz, Resortz, Elz, and Lawnz while it prepares to deliver three more projects this year.


High demand propels Danube Properties to launch Dh900 million Elitz 2 project in JVC

Danube Properties launched eight projects in 16 months while it prepares to deliver three projects with 1,303 apartments this year.

Danube Properties, the fastest-growing private real estate developer in the UAE, announced the launch of Elitz 2 at the Jumeirah Village Circle (JVC), with a development value exceeding Dh900 million in the presence of Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade and Bollywood superstar Malaika Arora.

The project will be near Elitz 1 tower – which is currently under construction – and help meet the growing demand for quality homes at prime locations.

When completed in the third quarter of 2026, Elitz 2 will deliver 750 residential units including studio apartments, one-bedroom, two-bedroom and three-bedroom apartments and a few retail stores. Like most other Danube projects, homes at Elitz 2 will also come with more than 40 amenities for the community, including health and lifestyle amenities and a health club, swimming pools, sports arena, tennis court, barbecue area, jogging track, among other facilities.

Elitz 2 by danube

Prices of residential units starts from Dh650,000 (US$177,111) for a studio apartment. However, prices of the units will continue to appreciate with time, making them worth investing in. Danube Properties’ homes comes with attractive and trend-setting one per cent payment plan, following the initial deposits – making home acquisition more affordable and simple.

The homes are usually delivered around mid-way of the payment plan, which means the buyer can move in the apartment after paying 60 percent of the total value of the property. This helps homeowners to extract additional value either by increase savings on the rents or by paying the equated monthly instalments (EMI) from the rental income.

Elitz 2 launch

Elitz 2 is Danube Properties’ 23 residential project in nine years since the company started development activities in 2014 and the 8th project in a row to be launched in the last 16 months, that translates to one project launches in every two months – making it also the busiest private real estate developer in the UAE.

Danube Properties maintains a policy of launching one project at time, sell it out, then appoint a contractor to build the project, before launching the next one. It has so far sold out 22 of the 23 projects launched so far and delivered 12 of them while the rest are currently under various stages of construction.

In addition to launching projects and building them, Danube Properties will also deliver three projects this year including Wavez, Jewelz and Olivz. Most of the projects launched in 2022 and 2023 are ahead of the construction and delivery schedule.

“The launch of Elitz 2 is in response to the continued high demand for quality homes and comes within less than two months of launching of Fashionz project which is nearly sold out,” said Rizwan Sajan, founder and chairman at Danube Group.

“Elitz 2 is one of our large projects in terms of the number of residential units – 750 to be specific – that is to cater to the growing demand. With a more than 40 lifestyle facilities, homes in Elitz 2 offer luxury and larger-than-life lifestyle to homeowners who will be pampered with the best of the best that is available in the market.

“The launch of Elitz 2 comes within a week after we completed Wavez and breaking grounds for the construction of Viewz – one of our largest projects – with sales value exceeding Dh2.05 billion that was unveiled in January and sold out within two weeks. This marks the construction of Viewz while the last project Fashionz will go into groundbreaking process in the next few weeks. As a developer, we have a very customer-centric approach and that’s why we are focused on delivery. Most of our projects are handed over before promised delivery date – that reflects our strong commitment to home buyers and investors in line with our slogan —We launch, we deliver.”

Elitz 2 homes will be smart and sustainable homes and will consume less energy – in line with the UAE’s commitment to sustainability. The building will also comply to green building standards.

Danube Properties offers homeowners 10-year Golden Visa – especially those who qualify as per the investment criteria – subject to government approval. The Dubai Land Department recently signed an agreement with Danube Properties to offer Initial Sale Contract (Oqood) to property buyers almost instantly.

As one of the most successful developers in the UAE with the highest launch-to-delivery ratio, Danube Group has recently delivered Bayz, Glamz, Starz, Resortz, Elz, Lawnz and Wavez while it prepares to deliver three more projects this year. All these projects have been greatly appreciated by those who had bought units in them.


Dubai’s Shuaa Capital sells plot in Business Bay to Danube Properties for $51.7m

Shuaa Capital, an investment banking and asset management company in Dubai, has sold a plot of land in Business Bay to developer Danube Properties for Dh190 million ($51.73 million).

The Dubai-listed company said it has arranged the sale on behalf of its subsidiaries and other investors. The transaction is part of Shuaa’s ongoing strategy to consolidate its asset portfolio, it said in a statement on Tuesday.

“This agreement underscores our dedication to generating shareholder value and participating in the advancement of Dubai’s real estate sector. Our strategy focuses on recognising and seizing opportunities that resonate with the ever-evolving UAE market,” said Fawad Tariq Khan, group chief executive of Shuaa Capital.

Boosted by its property and managed funds business, Shuaa reported a 60 per cent quarterly increase in first-quarter net profit.

Net profit attributable to shareholders in the first quarter climbed to almost Dh15 million. Total revenues climbed 1 per cent to nearly Dh60 million in the quarter, driven by recurring revenue generation across all segments.

“This purchase will help Danube Properties to create a more attractive project for investors and home buyers to invest and benefit from future price appreciation, due to its attractive location,” said Rizwan Sajan, founder and chairman of Danube Group.

“Business Bay forms the new business district … purchase of this particular piece of land will help us strengthen Business Bay as a vibrant downtown where people will be able to live, work and do business – at a location next to Burj Khalifa, the world’s tallest tower,” Mr Sajan said.

Danube Properties plans to develop a residential tower on the acquired plot.

The company has launched six projects, worth Dh3.42 billion, between January 2022 and January 2023. The developer’s current development portfolio includes 22 projects and 10,713 units, with a combined sales value exceeding Dh10 billion.


Rizwan Sajan: The 1% Man

With the revolutionary game-changing 1 percent plan, Rizwan Sajan, chairman and founder of Danube Group, has transformed Dubai’s property sector not only by simplifying the buying process but also by accelerating the shift from renting to ownership in the city.

A planned entry into properties

Despite the Dubai property boom that occurred between 2004 and 2007, Rizwan Sajan, chairman and founder of Danube Group, was a late entrant to the sector and witnessed the market going crazy with people standing in queues to buy.

“Many people advised I join the property sector since my building materials business was flourishing, but at that time, I found the market to be unbelievably crazy and ultimately, many people had gotten carried away with that boom and left the country,” he says.

Then came a time when things started settling down and Dubai won the Expo 2020 bid, followed by the development of the Escrow Account law, which Sajan says was a core pivot for both the investors and developers in Dubai.

To address the issue of speculative flipping and prevent an unrealistic property boom, the Dubai government implemented escrow accounts in its new real estate sector. Escrow accounts securely hold funds during transactions, discouraging short-term buying and selling and promoting stability and transparency in the market.

Sajan explains, “Earlier, the developer would announce a project on paper and collect the money from the investors; rather than depositing those funds into the bank for the project’s construction, they would purchase more plots to launch additional projects.” To ensure construction commitments and financial security, the Dubai government introduced a regulation mandating developer to provide a significant guarantee.

As per the rule, developers must deposit the funds into an escrow account regardless of unit sales. This measure aims to promote transparency, safeguard buyer investments, and guarantee the completion of construction projects in Dubai’s real estate sector. “This stabilised the market and the unwanted people who were borrowing money to enter the business left, leaving only genuine investors in the business.”

The ingenious new one percent plan

By the time Sajan entered the property sector, there were already multiple big players established in the sector. “While we were doing fantastically in building materials, in real estate, I knew we had to come up with something special to compete because we realised that 80 to 90 percent of expats were still renting, and I wanted to convert them into buying their own properties,” he explains. “This is how I came up with the one percent plan.”

Shifting the mindset of expats who had rented in Dubai wasn’t easy, he says, because most of these individuals were salaried individuals. “Most expats in the UAE have lived here at least four to five years and have accumulated some savings, but not enough to purchase a property for themselves,” he tells.

“After brainstorming, we devised the one percent plan whereby in addition to a small down payment, the monthly payment was set at just one percent per month with the balance collected once the building was ready.”

According to Sajan, this instantly became a super hit and helped steer his successful foray into the affordable market. “We came out with super competitive prices which anybody could afford with a studio apartment priced at AED500K to AED600K; a 1BHK at AED800K to AED900K, and a 2 BHK apartment priced at AED1.3K to 1.5K; this was also acceptable because instead of paying rent, you could own your own property and became an excellent option.”

The strategy behind the 1 percent plan

The one percent plan proved to be an immediate success, drawing long queues of prospective buyers. Rizwan Sajan credits the support of banks to his 30 years of experience in the building business, enabling him to execute such a profitable strategy.
“The plan was that I would come up with an amount before the handover of the property collection,” he says.

The 1% plan devised by Rizwan Sajan proved to be a win-win for customers. He explains that once the building reached 60 percent completion, banks were willing to finance the remaining 40 percent of the property’s cost. This was designed to benefit our customers, banks, and Danube as well. This also eliminated the need for customers to approach banks directly or wait for lengthy approval processes and uncertain interest rates. The one percent plan is considered the core principle on which Danube Properties was built.

“The plan was that I would come up with an amount before the handover of the property collection,” he says. The one percent plan devised by Sajan proved to be a win-win for customers. He explains that once the building reached 60 percent completion, banks were willing to finance the remaining 40 percent of the property’s cost, even before the title deed was handed over to the customer. This eliminated the need for customers to approach banks directly or wait for lengthy approval processes and uncertain interest rates. The one percent plan is considered the core principle on which Danube Properties was built.

danube fashionz

The affordable segment

And while the earlier market depended on expats, according to Sajan, the dynamics have changed. “Earlier it was 80 to 90 percent expats and 20 percent foreigners (living overseas), but now the figure has become 50/50 with many looking to make Dubai their second home which is excellent for the Dubai economy.”

While most developers were selling high-end villas, Sajan points out that there was “Whether they were residing in Bur Dubai, Karama, Sharjah, this group could not purchase property in those areas due to freehold restrictions,” he says. He came up with an innovative concept to build properties in near proximity to where they were living, enhance them with some luxury, and provide some amenities.

He explains, “After we offered 40 amenities, we realised we should add more; Danube’s success mantra is simple: one project at a time. We prioritize completing and selling out each project before moving on to the next one.”

Entering the luxury segment

With the launch of Fashionz by Danube and FashionTV, Danube Properties has entered the luxury market, aligning with the glitz and glamour that epitomises Dubai. Recognizing the pulse of property trends, Sajan seized the opportunity when Fashion TV arrived in Dubai, perfectly encapsulating Dubai’s opulent vibe.

“Fashionz is furnished by Fashion TV designers with interiors customised specifically for us, not available anywhere in Dubai,” he explains, backed by USP to create something unique in the market every time. Danube Properties Fashionz redefines luxury living with an exceptional selection of more than 40 unprecedented amenities.

Residents can indulge in extraordinary features such as an indoor swimming pool, 24/7 medical services, a kids’ play area, and much more, setting a new standard for lavish living in Dubai.

Outstanding CSR

Sajan’s first CSR initiative focused on blue-collar workers, providing them with English language and computer skills training. This program aimed to empower these workers, as their inability to speak English often restricted them to heavy labour jobs, despite their potential and willingness to work. Unlike many other businesses that laid off employees during the pandemic, Danube Group chose not to terminate any of its workforces. This decision by Sajan provided a significant boost of motivation to the employees. The employees he had retained returned with full dedication, resulting in the company achieving its highest profits that year.

Future launches

According to Sajan, moving forward, Danube Properties will continue in the same manner.
He explains, “Our policy has been quite simple; launch one project at a time, sell 70 percent of it and put that project into construction; then embark upon the next project. We have always followed this formula as illustrated with his recently launched Fashionz which is already 70 percent sold and Viewz, already 100 percent sold. If I don’t sell, I don’t start something new,” he says, with their next project Elitz 2 in JVC.

“Only after this is sold, we will move on to the next project; as the market can turn upside down in a few months, I would rather make smaller money and work on one project at a time.”

Supply and demand

In terms of Dubai’s burgeoning property sector, Sajan maintains that he is not worried about the supply in the market.
“I am not at all worried because unlike 2008 and 2009, this time the market is completely different. Earlier it was the flippers and not the demand. Today, the actual demand is coming from the expats who want to stay in a particular apartment or the overseas foreigners who aspire to make Dubai a second home,” he says.

Sajan is confident that Dubai’s remarkable reputation for safety, entertainment, infrastructure, taxation benefits, and Golden Visa will keep the market stable for two to three years without significant issues. He acknowledges the supply entering the market but emphasises that it is at a gradual and controlled pace rather than an overwhelming surge. This careful and measured approach is evident as developers launch new projects slowly and steadily.

viewz by danube

Fully furnished to facility management

Danube excels not only in property sales for investors but has also launched a specialized company devoted to managing and selling properties. This innovative endeavor offers prospective buyers the unique opportunity to both rent and maintain their properties.
What truly distinguishes this company is the assurance of a guaranteed return on investment, ranging from 6-10%.

To further enhance the experience for investors, Danube has introduced an additional company that will handle all aspects of facility management. From furnishings to overall maintenance, this comprehensive approach ensures a hassle-free and worry-free property ownership experience. Investing in Danube grants you the peace of mind of seamless property management and unparalleled convenience.


Danube Group registers 20% year-on-year growth in Oman

Muscat: While optimistic about the growth in the Oman market, Anis Sajan, Vice Chairman of the Danube Group, said that he also lost some market share due to tough competition.

While registering a growth of 20 per cent in Oman market on a year-on-year basis, Anis Sajan, who was in Oman for a meeting, said that he lost some market share due to entry of new players with cheaper products and that led to the shrinking of Danube market share.

“We strictly maintain the quality for brands like Danube or Milnao but small players are dropping prices because they don’t have as much overhead as we have. But people who go for cheaper products realise at the end of the day that they have made a mistake. This is the reason why we lost some market share. We are trying our best to get back the lost ground in the coming months and try to go beyond that 20 percent profit margin,” he said.

When asked about the counterfeit products, Sajan said: “There is something that we can’t do. As the colour of our box is orange and blue, and if somebody copies the same colour, I can’t do anything. But if somebody copies my brand Milano, I will definitely take action in that case.”

The aim of our meeting in Muscat is to inform the customers about the launch of our new products and offers which we are giving, he said.

“Milano has now become a household name, no matter what model or product my competitors bring in, Milano rules in their heart. Some customers want cheap products but I cannot help them,” said the Vice Chairman of Danube Group.

He said that all the products of Milano come with a seven-year unconditional warranty that is a great thing whether sanitary, electrical hardware or tiles and this is the reason why Milano has grown over the years.

Talking to TTV, Sajan recalled saying that the Milano brand was launched in Oman 15 years ago but it got its wings here, thanks to the country’s leaders for supporting us and giving us the much-needed platform.