Samana Developers, a real estate company located in Dubai, intends to start 12 new projects by the end of 2023, including five-star hotels costing Dh2.5 billion ($680 million). There are over 2,400 units in the developments.
The developer unveiled the 2023 design on Tuesday in addition to its performance review for 2022. The business has set a goal to quadruple growth. With a team that is four times bigger than it was in 2023, the company is currently selecting the best real estate experts and the most suitable sites in order to achieve this aim.
According to Samana’s annual report, it has six projects with fresh concepts planned for the first half of 2023.
Samana Developers managed the construction flow and completed the Dh110 million Samana Hills project in spite of the Covid-19 pandemic-related construction problems and site personnel limits imposed by the government in early 2022. The developer also introduced the fully sold-out Samana Waves, Samana Miami, and Samana Santorini developments.
Imran Farooq, chief executive officer of Samana Developers, said: “2022 remained bullish for Samana Developers as it set a new trend in the market. I believe innovation and an out-of-box approach in real estate are key factors to success in modern Dubai’s real estate market. For example, Samana Developers was the first developer in Dubai which created and set the trend of private swimming pools in residential projects – in non-hotel projects with title deeds. We are proud of it. Today, this trend has been replicated by at least two dozen developers. We will be coming up with new design ideas in our 12 new projects in 2023.”
Samana holiday homes
Samana Developers introduced Samana Holidays in November 2022, increasing the investment returns for Samana homes from 8% to 15%. Samana originally planned to convert 500 units into holiday houses (serviced apartments) for short-term rentals so that travelers, visitors, and vacationers may live there. Over Dh38 million in revenue is anticipated from the converted units in just five months.
Additionally, the corporation accelerated the Dh130 million Samana Park Views, Samana Waves, and Samana Golf Avenue projects. In September 2021, the Samana Park Views project officially began. Four of its eight slabs have been finished as of right now. The project will be delivered in Q2 2024 when the superstructure is finished by the end of February 2023.
“Dubai’s Dh32 trillion ($8.7 trillion) Economic Agenda is a new inspiration for us and for everone. It will play a pivotal role for cross-sector growth, especially the real estate, over the planned next 10 years 2033,” Farooq said.
