Danube Properties and DMCC partner to launch USD 545 million residential project in thriving JLT district
Danube Properties has partnered with Dubai Multi-Commodities Centre (DMCC) the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – to bring a new residential project to its prime location of JLT, the uptown community.
The 65-storey twin towers will bring 1,200 new residential units to JLT across a built-up area of 1.7 million square feet, representing a development value of approximately USD 545 million (AED 2 billion).
“As a rapidly expanding private real estate developer in the UAE, we are constantly seeking prime plots in strategic development zones,” said Rizwan Sajan, Founder and Chairman of Danube Group. “This partnership with DMCC empowers Danube Properties to enhance the appeal of our upcoming project, providing an opportunity for investors and homebuyers to capitalise on future value appreciation, thanks to JLT’s attractive location and the support of DMCC.”
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Demand for premium residential property across the JLT community is higher than ever, as we have seen with the resounding success of Viewz, our first project with Danube Properties which is fully sold. Boasting a community of over 100,000 people, JLT has become one of the most popular districts in Dubai thanks to its truly complete offering for visitors, businesses, and residents. We’re proud to partner with Danube Properties for a second time as we continue to shape and drive the transformation of JLT and enhance the high-quality residential offering for our expanding community.”
Currently in the design phase, the new residential towers will sit adjacent to DMCC’s Uptown Dubai district, bolstering JLT’s status as one of the most popular mixed-use communities in the emirate.
This comes after successfully selling out two towers of the luxurious project – Viewz in JLT, launched in January 2023. Danube Properties recently launched Bayz101 which will be one of the world’s tallest 25 towers, exceeding the 100-level landmark in the world and reinforcing Dubai’s reputation as the City of Skyscrapers. Danube Properties now stands strong with a portfolio of 28 projects and 16,234 units.
Throughout 2023, DMCC partnered with five leading property developers to bring six exciting commercial and residential real estate projects to its JLT and Uptown Dubai communities. The continuous development of its districts is a key priority for DMCC as it attracts record numbers of new companies to Dubai through its unparalleled business ecosystems and residential communities. DMCC currently accounts for 11% of the foreign direct investment (FDI) to Dubai.