How to convert your 1BR into a 2BR unit on the cheap in Dubai
Dubai-based Danube offers convertible apartments in Dh300mn Ritz in Al Furjan
By emirates 24/7 News
Published Tuesday, December 29, 2015
A Dubai-based developer is bringing innovation in the “affordable” housing market segment by offering “convertible” apartments.
Buyers in the Dh300-million Ritz, a project by Danube Properties, subsidiary of Danube Group, in Al Furjan community will be able to pull down their wall bed in the living room to convert it into a bedroom, thus transforming the one bed into a two-bed unit.
“We are targeting the salaries people as we want them to own an apartment as majority of them currently live in rented units,” Rizwan Sajan, Chairman, Danube Group told Emirates 24/7.
He expects that the new home solution will appeal to new couples and small families as it will allow them to utilise the existing space in a better manner.
Prices of studio units in Ritz will start from Dh430,000, with average price per square feet being over Dh1,000.
As offered in its Glitz projects in Dubai Studio City, the developer will give buyers one per cent payment plan, which will allow them to pay 52 per cent of the total value before possession and the remaining 48 per cent in equated monthly instalments.
The project is expected to be completed in a time frame of 30 months.
Although Sajan admitted that the market was in a slowdown phase, he remained confident that his product would sell as it was aimed at people with income of Dh15000 to Dh25,000 a month.
“Yes, there is a slowdown, but I am targeting salaried people who live in rented apartments. And I see a huge demand there.”
Data collated by Emirates 24/7 from the Dubai Land Department reveals Indians invested Dh13 billion in the first nine months 2015 – topping the chart of non-Arab expatriate investors.
“We are also looking at opening sales office in Qatar and Saudi Arabia,” Sajan disclosed.
The developer’s Dh1.5 billion real estate portfolio comprises Dreamz in Al Furjan and Glitz 1, 2 and 3.
In March 2015, global ratings agency Moody’s Investors Service said the slowdown in the market was “positive in the long run” and alleviates the “potential overheating.” It believed that Dubai government’s plan to upgrade the city for the Expo 2020 through infrastructure spending and encouraging foreign investments in various sectors will provide market support over the next five years.
Dubai is the host of Expo 2020 that will run for a period of six months, starting October 20, 2020 till April 10, 2021. The event will draw more than 25 million visitors, lead to Dh25 billion investment in infrastructure-related projects and create over 277,000 new jobs.