· “Remaining focused and consistent in project continuity and construction works was an uphill task” – Imran Farooq, CEO, Samana Developers
· “Achieving the balance between price point, demand, and quality, is never an easy task and Samana has managed to hit all aspects” – Zhann Jochinke, COO of Property Monitor
DUBAI, United Arab Emirates, March 6, 2021: Samana Developers has been ranked as top-selling off-plan developer in Arjan, competing with all large, mid and small size developers. Due to the quality construction and flexible payment plans, Samana assets remained a hot favourite among end-users. The ranking has been monitored and organised by Property Monitor, one of the UAE’s leading real estate data and market intelligence companies.
Real-time market data from Property Monitor is constantly showing Samana Developers at the top of the Arjan market achieving 147 off-plan sales, with Oqood registrations, valuing at Dh 83.62 million ($22 million) since September 2020. Samana Developers is still at the top of the rankings.
Samana Developers last month announced that its total revenue increased to 65% since Q2 2020. That was the 9th consecutive month – April to December 2020 – that the developer had reported a growth in revenue generated month-on-month despite roadblocks raised by the pandemic. The company has increased its headcount by 55% and has doubled its sales revenue target for 2021.
Samana Developers has factored the ongoing COVID-19 vaccine drive by the UAE and Expo 2020 in October this year as bullish trends which will produce a positive outlook for 2021 leading up to growth across sectors.
At the back of government-led incentivized economic reforms, such as the UAE citizenship to real estate investors and various visas announced recently, coupled with reduced credit costs are attracting more local and international buyers to Dubai’s real estate market. The property price recovery in Dubai gathered pace in January 2021, with monthly gains of 1.1% recorded at an emirate-wide level, Property Monitor said in its latest report.
Chief Executive Officer of Samana Developers Mr. Imran Farooq said: “We have off and on been releasing the updates of our properties through the media, showing bullish trends in our property assets. Despite the pandemic challenges, we remained committed, resilient and focused on keeping the project workflow uninterrupted, which eventually led projects to early completion.”
“Remaining focused and consistent in project continuity and construction works was an uphill task during the pandemic lockdown period. But we were able to manage it successfully. Samana Developers has set a new benchmark in Dubai’s real estate market when there have been project delays and developers facing losses.”, Farooq said.
Dh110 million Samana Hills and Dh75 million Samana Greens have been completely sold out despite the Covid-19 hardships. Dh100 million Samana Golf Avenue project has been sold out by 90% as of today.
Mr Zhann Jochinke, COO of Property Monitor, said: “Samana Developers had incredible success with their projects in 2020 and this continues into 2021, at a time when other off-plan projects are seeing less activity and interest from buyers and investors. Achieving the balance between price point, demand, and quality, is never an easy task and Samana has managed to hit all aspects superbly.”
Samana Developers managed to fast-track the construction by introducing double shift of workers, keeping an eye on workers’ health condition with the PPE and SOPs intact, on project timelines and remote monitoring through CCTV cameras installed at the project sites and connecting them to Samana’s back-office. These measures helped Samana to complete the construction not only on-time but ahead of time.
Samana Developers Payment Plan
Samana Developers’ studio apartments starting from Dh399,000, one-bedroom and two-bedroom units come with various payment options – from Dh599,000 – making projects attractive to both end-users and investors. 75 months at one per cent (1%) after the initial 10 per cent down-payment makes the project affordable to mid-level investors.
Property Monitor is a real estate intelligence platform. It compiles comprehensive house price data, both public and proprietary. It sources its data from Cavendish Maxwell, the UAE’s largest residential valuation business, and from a growing network of reputable real estate brokers who provide data to Cavendish Maxwell.