Samana Developers, a Dubai-based boutique real estate developer and part of the Samana Group of Companies, has announced that it has broken ground on its second real estate project in the city – a $27.3 million freehold property known as Samana Hills.
In a statement, the developer said that the project will deliver 205 residential units, comprising of studio to two-bedroom apartments at Arjan, near Dubai Miracle Gardens. The ground-breaking ceremony was attended by Muhammad Farooq, chairman of Samana Group, Imran Farooq, group chief executive officer, Kamran Farooq, director of Samana Group and Alan James Gammon, general manager of Samana Group along with other officials, the statement added.
“This is the second ground-breaking ceremony within less than two years and reflects our strong commitment to the UAE’s real estate market,” Imran Farooq. “Construction and delivery are key aspects of the real estate business. As a responsible developer, we take construction and on-time delivery of projects – key to attain customer satisfaction – very seriously.”
“Location, quality of construction, quality of property, on time delivery and convenient payment terms are crucial for the success of any real estate project. Like Samana Greens, Samana Hills will also be delivered on time and with the promised quality,” he added.
Samana Hills comes with an attractive offer of with an eight-year payment plan, he noted. Prices start at AED399,000 for studios, and AED599,000 for one-bedroom apartments. The units have payment plans of 1% per month for 90 months, following a 10% down-payment on purchase, Farooq said.
The five-storey project is scheduled to be delivered by the fourth quarter of 2021. The project will be completed in 2.5 years when the rental income starts to kick in, the company said. This means that property owners will just have to investment approximately 40% (10% down payment and 30% monthly instalments) of the price of the property, and then pay the rest back from rental income, the company explained.
Samana Hills will be accessible through two major expressways – Al Khail Road and Mohammed Bin Zayed Road – and gives its residents easy access to the major attractions to the city of Dubai. The Arjan master community is a new and growing neighbourhood that is surrounded by Arabian Ranches, Sports City, Jumeirah Village Circle and Dubai Hills. It is near a five-star hospital and three schools.
The new project’s ground-breaking took place on September 1, 2019, as the developer almost sold out Samana Hills and its maiden project, the $20.4 million Samana Greens completes its construction at Arjan.
“Dubai’s mature and well-regulated real estate market and its inclination to high-quality living has given us confidence. We see enormous possibilities for our projects to be well-received,” Imran Farooq said.
“The UAE’s real estate market will grow further if more affordable homes like our Samana Hills are built to help the middle-income families to move into their freehold homes from the rented homes.
“The 1 per cent per month payment scheme for 90 months, following 10 per cent down-payment on purchase – is a convenient payment plan. And with this project’s 8-year payment plan, we have made investment very lucrative to middle income property buyers, as the return on investment is comparatively higher than many other projects in Dubai,” he concluded.