Danube Properties saw a frantic rush of buyers when it launched its previous Glitz projects. Sales for Glitz 3, however, have been slow.
Glitz 3, a development of 352 apartments housed in two towers at Dubai’s Studio City, held its Dubai sales launch last Friday and a second event at Abu Dhabi on Monday.
The developer’s first two launches, the 171-town house Dreamz by Danube and the 292-unit Glitz 1 and 2 towers, both sold out within hours of their launches.
Danube’s founder and chairman Rizwan Sajan said that the market “is a little slow, to be honest”.
“Glitz 3 is slower than 1 and 2, but nevertheless we are much better off than other private developers,” he said. Danube Properties still managed to sell 200-plus units at Glitz 3’s Dubai launch, but has more than 100 remaining.
The project is on the same Dubai Studio City plot as the first two towers and prices range from AED475,000 for a studio to AED1.2 million for a three-bed apartment. It is an area where competition at the affordable end of the market is heating up.