Dubai: Danube Group has sold a one million sq ft premium commercial tower in Dubai, named after bollywood star Shah Rukh Khan, for over Rs 5,000 crore on strong demand for office space.
Dubai-based Danube Properties is developing a commercial tower 'SHAHRUKHZ by Danube' on Sheikh Zayed Road here at a total cost of around Rs 3,500 crore. At an event held on late Tuesday at the Dubai Exhibition Centre, Danube group Founder and Chairman Rizwan Sajan announced that the tower has been completely sold out. The event, which was attended by Shah Rukh Khan, saw participation of around 7,000 people, including real estate brokers. The company has achieved sales bookings of AED 2.1 billion (over Rs 5,000 crore) from the tower, much higher than initial estimates.
"To see a project of this scale in Dubai carry my name is both an honour and a reminder of how generosity and vision can come together. Dubai has always embraced me with warmth - it's a city built on courage, imagination, and the belief that nothing is impossible," Khan said.Last month in Mumbai, Danube Group in presence of the bollywood actor had launched the 55-storey commercial tower for sale. The company will complete this tower by 2029.
When asked about the total project cost, Sajan on Monday had told PTI that it would be around Rs 3,500 crore including land, and construction among other expenses.He said the investment would be met through internal accruals and advances from customers against sales."The commercial project is set to become one of the most prestigious business landmarks in Dubai," said Rizwan Sajan, who is an Indian, born in Mumbai. Considering the success of this project, Both Rizwan Sajan and Shah Rukh Khan hinted that there could be more towers named after him.
Adel Sajan, Managing Director of the Danube Group, said this celebrity tower has been conceptualised and designed after studying more than 100 prime commercial projects across the world.Out of one million sq ft area in this upcoming tower, more than 9 lakh sq ft would be office spaces.Adel noted that there is a scarcity of Grade A office space in Dubai while the demand is strong from multi-national companies that want to set up base here.
The MD strongly feels that the demand for both residential and commercial space in the Dubai market would remain strong in the coming years.Danube Properties, a subsidiary of the Danube Group, is one of the leading private real estate developers in Dubai.Founded in 1993, Danube group entered the real estate development business in 2014. It is also into building materials.The company has so far launched 40 real estate projects, of which 18 are already delivered and the rest are at different stages of construction.Adel Sajan said the company is expecting to achieve sales of properties worth Rs 22,000 crore this calendar year, and out of that 25 per cent will be from customers of Indian nationality.
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