Coronavirus: Samana Developers says projects on track despite COVID-19
Developer states that its projects are sustainable, energy-efficient and environmentally friendly, with low carbon footprints
Samana Developers says that its on-going projects in Dubai have not been affected by the COVID-19 pandemic, since they are distributed among individual buyers rather than bulk investors.
In its statement, the developer notes that since the UAE government has allowed construction activities to continue as normal, works are in full swing.
The developer says its projects are self-funded and do not rely on bank borrowings, which boosts buyer-confidence. Buyers are assured that investments are 100% safe and with higher returns, it said.
Mortgage complications followed by economic recession makes bank-mortgaged properties vulnerable. That is not the case with Samana Developers, said an official from the firm.
“Our buyers are individuals who earn monthly brackets starting from as low as Dh15,000 and can comfortably spare Dh4,000 to Dh6,000 monthly installment without delays. We sat with our customers, brokers and other stakeholders and mitigated the fear related to the current situation. Our close interaction with them has started bearing results and we are regularly receiving monthly installments. That is further moving the projects for on-time delivery. Therefore, our buyers will be among the first beneficiaries when the pandemic is over in two to three months,” remarked said its CEO Imran Farooq.
Construction works on its second residential project, the $27.2m Samana Hills are also said to be on track. The five-storey project started in November 2019 and is scheduled to be delivered in the last quarter of 2021.
COVID-19 related additional health and safety precautions such as mandatory social distancing between workers, daily on-site body temperature measurement and use of Personal Protective Equipment (PPE) have slowed construction speed by 15% in the month of April. However, the developer said that the delays were managed with extra shifts.