Samana Developers appoints Atcon Construction for $27m Samana Hills project
Handover for residential project is scheduled for Q4 2021
Samana Developers, a Dubai-based boutique real estate developer, has announced the appointment of Atcon Construction, for its second project in Dubai – the $27.2 million Samana Hills development in Arjan, close to the Dubai Miracle Garden, the world’s largest natural flower garden.
According to a statement by the developer, the ground-breaking for the five-storey, resort-style residential project took place in September 2019. Handover is scheduled for the fourth quarter of 2021.
The developer said that its projects are funded by Samana’s asset management arm, which is a key factor for investors, giving them added security. It added that the project has seen strong investor interest on the back of success of the Samana Greens, the maiden project of Samana Developers.
In the statement, the developer said that Samana Hills, a free-hold property spanning 100,000sqft, is located opposite Dubai Hills Estate and at the heart of Arjan, Dubailand. The resort-themed project will house 205 apartments that include an assortment of studios, one- and two-bedroom apartments.
With studio apartments starting from AED399,000 and one-bedroom units from AED599,000, the units come with various payment options making the project attractive to both end-users and investors. 90 months at 1% after the initial 10% down-payment makes the project affordable.
In addition, investors are particularly interested in the 8% net return that is given by the developer once the unit is fully paid.
The project will be completed in 2 years and 5 months when the rental income starts to kick in. This means, the property owners have to just invest approximately 40% – 10% down payment and 30 monthly instalments of 1% each, of the price of property and pay back the rest from the rental income.
Sustainability is a key attraction for the project, with Samana Developers pledging to reducing its carbon footprint by incorporating the latest in services and technologies to reduce building operating costs.
Samana Hills will be developed as per the green building best practices utilising the green and sustainable technology. The residential units will be loaded with smart home technology to enable them energy-efficient making residents’ stay more comfortable. Addition of air purifiers will give the residents a healthy and clean environment, the developer’s statement said.
The developer’s second project has been designed to the highest standards offering quality yet affordable accommodation and with its close proximity to New Dubai and a number of international schools, traffic-free short access to the city’s road network within easy reach of the downtown, which has been a popular choice for investors, the statement continued.
“During our recent roadshow in China, we noticed that the apartment size and price comparison, along with easy payment plans drove the attention of investors in Shanghai, Beijing and Guangzhou to Samana Developers properties that gave us a clear indication of investor sentiment and we have planned to expand our presence in Mainland China,” revealed Alan James Gammon, General Manager of Samana Developers who has several meetings with Chinese potential investors.
“Our maiden project, the $20.41 million Samana Greens, also located in Arjan, will be handed over in 1st quarter of 2020,” said Alan.
The apartment sizes in Samana Hills range: studio from 360 to 443 SQF; 1-bedroom from 588 to 759 SQF; and the net size of 2-bedroom is 1375 SQF. The project features an infinity pool, sauna, steam, gymnasium, children’s play area, shaded parking and smart home technology ensuring the resort living.
