Dubai – Mubasher: Shuaa Capital has sold a prime plot of land in Business Bay to Danube Properties at a total value of AED 190 million, according to a press release.
This transaction comes within the framework of the listed company’s strategy to consolidate its asset portfolio, boost value for its shareholders, and back the growth of Dubai's real estate market.
Meanwhile, Danube Properties plans to establish a residential tower on the acquired plot in line with its vision to create affordable, high-quality living spaces for residents of Dubai.
The real estate developer launched six projects at an aggregated value of AED 3.42 billion from January 2022 to January 2023. Its current development portfolio includes 22 projects and 10,713 units, with a combined sales value exceeding AED 10 billion.
Fawad Tariq Khan, Group CEO of Shuaa Capital, commented: “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,” Khan added.
Rizwan Sajan, Founder and Chairman of Danube Group, said: “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.”
“Business Bay forms the new business district and once completed, will create a vibrant downtown at the heart of Dubai, where we already have delivered Bayz – one of our key projects,” Sajan highlighted.
The founder elaborated: “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.”
In the first quarter (Q1) of 2023, the DFM-listed firm posted higher net profits attributable to the owners at AED 14.71 million, versus AED 5.61 million in Q1-22.
