Samana unveils 3 new projects worth Dh405m in Dubai

Dubai property market has a bright outlook as rich and ultra-rich individuals consider the emirate their second home following successful handling of Covid-19 pandemic, says an industry stakeholder.

Imran Farooq, chief executive officer of Samana Developers, said apartment and villa prices are expected to sustain an upward trend in post-Expo 2020 period as the demand will outpace the supply due to growing interest of investors and end-users in the market especially after the visa reforms.

Farooq, who launched ESG-Inspired three new projects worth Dh405 million in Dubai, said new developments will continue to inspire the residents and residents to make the emirate a permanent home offering a healthy lifestyle, security and safety with an ideal environment to their future generation.

New projects focus on ESG

Samana Developers on Tuesday launched three new projects — Dh130 million Samana Park Views, Dh165 million Samana Waves and Dh110 million Samana Golf Avenue-II, located in Arjan, Jumeirah Village Circle and Dubai Studio City, respectively.

New projects will focus on environment, sustainability and governance (ESG) aspects in the wake of environmental, health and affordability concerns during the pandemic, which has increased demand for healthy resort-themed properties.

Latest announcement came after the successful on-time handover of Greens Project as well as 100 per cent sold out units in Golf Avenue and 100 per cent completion of the superstructure of Hills project.

Sales start on October 6

The first in the series of projects, which will start sales on October 6, 2021, will be Samana Park Views located in Arjan. The project is adjacent to a community park, walking distance to Butterfly and Miracle Gardens.

Spanning over 183,323sqft, the G+6 Samana Park Views residential project will house 176 studio, one, two-bedroom apartments with private pools. Samana is expecting this project will be sold out in a day or two as the developer is receiving a high volume of interest.

“We have learnt a great lesson of being resilient during the challenging times. That’s what pays back to us. At the back to of that, of course, the Expo 2020, economic reforms, new visa regime and successful handling of the pandemic with vaccine drive across the country are factored around the highly positive outlook for Samana properties,” Farooq said.

The ESG-inspired key features of the Samana Park Views project will be leisure decks with a main swimming pool for adults and kids, water features, a yoga zone, open cinema, a bar, green areas, indoor and outdoor gyms, health club with steam and sauna facilities and 24-hour security. Samana Park Views project is scheduled for handed over in second quarter of 2024.

“Based on very positive investor interest, we noticed that well-thought-of and unique design features of Samana Developers projects offer a healthy and beautiful lifestyle that make our real estate assets attractive to investors and end-users alike — not just another brick-and-mortar building. Affordable prices for our luxury resort-style features play a key role in making it possible to attract attention,” Farooq said.

Flexible payment plan

Samana Park Views residential project has a flexible payment plan with a 10 per cent down payment, one per cent over 70 months, 10 per cent in the sixth month, five per cent in the 12th month, and five per cent in the 18th month. Prices start from Dh459,000. The unit sizes start from 361sqft for a studio, 937 for one-bedroom, 1,301 for two-bedroom apartments.

Two other projects that will follow Park Views are Dh165 million Samana Waves in Jumeirah Village Circle, and Dh110 million Samana Golf Avenue-II at Dubai Studio City. Details will be revealed at a later stage.

Earlier, Dh100 million Samana Golf Avenue-I project at Dubai Studio City has been fast-tracked, 100 per cent sold out as of today and will be ready for handover in first quarter of 2023.

Samana Greens handed over

In February 2021, Samana Developers handed over the first keys of the Dh75 million Samana Greens project located in Arjan. Another important aspect that boosts investor confidence in Samanna assets is the provision of 50 per cent financing to its buyers. Samana property assets guarantee the competitive 24 per cent returns at eight per year over three years. That makes Samana projects an attractive proposition.

— muzaffarrizvi@khaleejtimes.com