Danube Properties has launched its first “affordable luxury” housing scheme – $123 million (AED450m) Bayz – in Dubai’s upscale Business Bay, claiming to offer the “lowest launch price” in the mixed-use district.
Studio units in the 29-storey tower, comprising 456 apartment units with views of Burj Khalifa and Dubai Canal, have been priced at $177,112 (AED650,000).
“Through the launch of this project we aim to redefine the concept of ‘affordable luxury’ housing in Dubai,” company chairman Rizwan Sajan told Arabian Business.
“We will be offering the lowest price in Business Bay area, with the starting price at $341 (AED1,250) per square feet (psf), but increasing to $409 (AED1,500) psf depending on floor rise,” he added.
Recently-launched off-plan properties averaged $436 (AED1,600) psf, according to real estate agents.
The developer will continue to offer one percent payment plan to buyers akin to the one offered in its previous eight schemes. Monthly instalments will start at $1,768 (AED6,490). Bayz is slated for completion in 2019.
In a presentation sent to brokers, the company said on Monday that it sold 60 percent of the released inventory on the launch date.