UAE - Leading UAE developer Danube Properties has announced that its AED350 million ($95.2 million) residential project, Gemz, featuring 270 apartments loaded with 30 luxury amenities at Al Furjan community, has been fully sold out within hours of its launch.

The project which comes in pyramid-shaped architecture, offers spacious homes and floor plans with unique convertible layouts - so much so that a one-bed apartment can be made into a two-bed unit and the same can be turned into a three-bedroom unit, said the statement from Danube.

Gemz is the third residential project to be launched and sold out by Danube Properties since October last year and the second within two months after its AED300 million Pearlz project in Furjan got sold in March.

All units at GEMZ were snapped up by end-users and brokers on the first day of its commercial sales launch event held at Danube Properties head office on Sheikh Zayed Road on June 4.

"This demonstrates the buyers’ confidence in Danube Properties – as we continue to deliver promises to a growing number of UAE residents who are our biggest strength and inspiration," said Founder and Chairman Rizwan Sajan.

"This is our third project launched and sold out within eight months’ time – and reflects the positive market sentiment and the fact that more buyers are entering the property market," he noted.

Its 1 percent monthly payment plan also helped in driving the sales as it gave customers the opportunity to buy affordable luxury homes with prices starting from AED550,000, stated the developer.

The project with a built-up area of 530,000 sq ft, will be developed at a plot area of 101,000 sq ft. The 14-storeyed project will host 24 studios, 74 one-, 114 two- and 42 three-bedroom apartments while 16 apartments are duplex.

"Buyers who booked and paid their initial deposit on the first day, will get their homes fully furnished on delivery, through its home furnishing and home improvement brand, Danube Home," he added.

Sajan said as a developer, Danube had been consistently delivering promises to customers – having delivered 11 out of the announced 17 projects so far with the highest launch-to-delivery ratio – thus reinforcing buyers’, brokers’ and investors’ confidence in its properties.

"With the introduction of intelligent furnishings, Gemz encompasses large homes and floor plans with convertible layouts – a 1 one-bedroom apartment can be made into a 2-bedroom apartment and a 2-bed into a 3-bed unit. Spacious apartments at Gemz come with a swimming pool in the balcony -- A luxury that’s one of its kinds!," he stated.

Danube pointed out that with the sell-out of Gemz, its properties development portfolio now exceeded 8,272 units, with a combined development value exceeding AED5.65 billion. It has so far delivered 4,556 units with a combined sales value of AED3.63 billion – nearly two-thirds of the entire portfolio value, it added.

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