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Danube Properties Completes Acquisition of Business Bay Land from Shuaa Capital
Danube Properties, a prominent real estate company in Dubai, has recently acquired a prime plot in Business Bay from Shuaa Capital for a reported AED 190 million ($52 million). The acquisition paves the way for Danube Properties to develop an exceptional residential tower on the purchased plot. Shuaa Capital, in an announcement, revealed its role in facilitating the sale of the prime land in Dubai’s Business Bay to Danube Properties.
Dubai land sale
This deal is an essential part of Shuaa Capital’s ongoing plan to streamline its asset portfolio to increase shareholder value and promote the expansion of Dubai’s real estate market. Danube Properties have led the dynamic real estate industry in Dubai.
Between January 2022 and January 2023, Danube Properties unveiled six projects totaling AED3.42 billion ($931 million). The developer has 22 projects and 10,713 units in its development portfolio, with a total sales value of more than AED10 billion ($2.7 billion). In recent years, the real estate market in Dubai has shown amazing expansion and buoyancy.
Strong demand for high-quality residences, expanding international investment, and a stable regulatory environment are the main drivers of this boom. Shuaa Capital’s strategic commitment to taking advantage of favorable market dynamics is demonstrated by the sale of this prestigious land to Danube Properties.
The group CEO of Shuaa Capital, Fawad Tariq Khan, stated: “We are thrilled to share this deal with Danube Properties, with whom we are enjoying a growing relationship. This deal demonstrates our commitment to growing shareholder value and supporting Dubai’s real estate industry. Our strategy is to identify and seize possibilities that appeal to the dynamic UAE market. The goal of this initiative is to give Dubai residents access to high-quality, reasonably priced living options.
As one of the most rapidly growing independent real estate developers in the UAE, Rizwan Sajan, founder and chairperson of Danube Group, stated, “We are constantly searching for prime parcels of land in major developing zones”. Due to its desirable location, this acquisition will assist Danube Properties in developing a more appealing project for homebuyers and investors to participate in and reap the benefits of future price increases.
“Business Bay is the new commercial area, and once it is finished. It will turn the center of Dubai into a bustling downtown, where we have already finished one of our major projects, Bayz. The purchase of plot would reinforce Business Bay as a thriving urban center where people can live, work. In addition, do business in close proximity to the Burj Khalifa, the highest building in the world.
