Danube Group has sold a one-million sq ft premium commercial tower in Dubai, named after Bollywood actor Shah Rukh Khan, for more than Rs 5,000 crore.
Dubai-based Danube Properties is developing the commercial tower, ‘SHAHRUKHZ by Danube’, on Sheikh Zayed Road at a total project cost of around Rs 3,500 crore.
At an event held Tuesday at the Dubai Exhibition Centre, Danube Group founder and chairman Rizwan Sajan announced that the project has been completely sold out. The event was attended by Shah Rukh Khan and saw participation from 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, significantly higher than its initial estimates, news agency PTI reported.
“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,” Shah Rukh said.
The 55-storey commercial tower was launched for sale last month in the presence of the actor. The company plans to complete the project by 2029.
When asked about the total project cost, Sajan had told PTI on Monday that it would be around Rs 3,500 crore, including land, construction and other expenses. He said the investment would be funded through internal accruals and customer advances.
“The commercial project is set to become one of the most prestigious business landmarks in Dubai,” said Rizwan Sajan, who was born in Mumbai. Based on the project’s success, both Sajan and Shah Rukh indicated that more towers could be named after the actor in the future.
Adel Sajan, Managing Director of Danube Group, said the celebrity-branded tower was conceptualised and designed after studying more than 100 prime commercial projects globally. Of the total one million sq ft area, over 9 lakh sq ft will be dedicated to office space.
Danube Properties, a subsidiary of Danube Group, was founded in 1993 and entered real estate development in 2014. The company has launched 40 real estate projects so far, with 18 already delivered and the rest at various stages of construction.