UAE-based developer Danube Properties has launched its sixth “affordable” housing project in Dubai, the company announced.

The Glamz Residence development, which is worth AED 300 million ($81.6 million), will offer 418 fully furnished studio, one-bedroom and two-bedroom apartments.

Amenities include landscaped gardens, an air-conditioned party hall, a jogging track, and a gym with a steam room, sauna room and swimming pool.

Like its other projects, Danube is offering a 1% monthly payment scheme for the purchase of residences without any interest. Buyers will need to put a 10% down payment followed by another 15% payment in 60 days and then 75 equal monthly payments without interest.

The project is expected to be completed in 2018.

“We are delighted to announce the launch of Glamz Residence with an aim to encourage people to ‘stop renting and start owning’. Once again, we have no doubts in our mind about the support and trust of customers – who deserve more for less without compromising on quality,” said Rizwan Sajan, founder and chairman of Danube Group.

“When we started back in 2014 with our properties division and introduced a new segment altogether – ‘affordable housing’ – we knew it would gain popularity over a period of time however the enthusiasm we witnessed at the launch of each of our projects until now has been such an overwhelming affair; to an extent that it has become a source of inspiration to innovate further. We are hopeful that Danube will continue to redefine the real estate sector in the region with every new launch.”