Danube to invest Rs 3,500 cr to build commercial tower in Dubai, named after Shah Rukh Khan

Dubai, Dec 9 (PTI) Danube Properties will invest around Rs 3,500 crore to develop a premium commercial tower, named after bollywood star Shah Rukh Khan, in Dubai amid strong demand for office space from global corporates.

In Mumbai last month, the company had announced the launch of a commercial tower 'SHAHRUKHZ by Danube' comprising one million sq ft area, primarily office space with little bit of retail space.

The project was launched in the presence of Shah Rukh Khan.

"We launched this project for sale last month and the response so far has been overwhelming," Danube Group Founder and Chairman Rizwan Sajan told PTI.

The 55-storey commercial tower, to be constructed on Sheikh Zayed Road here, will be completed by 2029.

When asked about the total project cost, Sajan said 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 tower is set to become one of the most prestigious business landmarks in Dubai," he said.

Danube Properties is expecting a revenue of more than Rs 4,000 crore from this project, said Rizwan who is an Indian, born in Mumbai.

Adel Sajan, Managing Director of the Danube Group, said this celebrity tower, perhaps first in the world, has been conceptualised and designed after studying more than 100 prime commercial projects across the world.

The upcoming office tower will have more than 40 amenities. The starting price is Rs 4.2 crore in this project.

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 spaces in the Dubai market would remain strong in the coming years.

Last month, Shah Rukh Khan in his social media post had said, "It is humbling and deeply touching to have a landmark in Dubai carry my name and to be an integral part of the cityscape forever. Dubai has always been a special place for me - a city that celebrates dreams, ambition, and possibility." 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.

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. PTI MJH DR DR