Developer Danube has awarded an AED185 million ($50.4m) contract to Naresco Contracting for the Glitz Residence 3 development in Dubai Studio City.

The contract marks the third Danube win for Naresco, which scooped contracts for the Glitz 1 and 2 projects last year.

The AED350 million ($95.3m) Glitz Residence 3 development will consist of 352 apartments, offering studios, one-, two-, and three-bedroom units. The project is slated for completion by the end of 2017.

“While the market sentiments are down, Danube has been busy carving its own niche in the affordable housing segment,” the developer said in a statement. This is because it is able to negate chances of project delays due to its core business division specialised in building materials, which allows the selected contractor to source materials on time and at the lowest available price.

“Such an arrangement makes sure that the project cost comes down considerably, which allows Danube to pass on the benefits to customers.”

The developer’s first project, Dreamz, is on schedule for delivery, it said, whereas other projects – Glitz 1, Glitz 2, Glitz 3 and Starz – are all 4-5 months ahead of schedule.

In a separate announcement, Danube recently said that it had renamed its Ritz Tower project ‘Starz Tower’ after a trademark clash.