Developer says its total revenue increased by 655 since Q2 2020
Samana Developers’ total revenue increased by 65% since Q2 2020, marking the ninth consecutive month – April to December 2020 – that the developer has reported a growth in revenue generated month-on-month despite roadblocks raised by the pandemic.
In a statement, Samana said that the company has increased its headcount by 55% and has doubled its sales revenue target for 2021. In addition, the ongoing COVID-19 vaccine drive by the UAE and Expo 2020 in October this year are predicting a positive outlook for 2021 which will lead to growth across sectors.
Imran Farooq, CEO of Samana Developers, said: “Dubai has performed well and is capable of fighting with a major pandemic. The city has launched a massive COVID-19 vaccine drive to protect the 9.89 million population. UAE converting the empty hotel apartments into quarantine centres was an innovative idea and helped reduce the spread of coronavirus.
“Dubai emerged has emerged as one of the fastest cities in the world to get over with the pandemic as UAE’s 12% population has already been given the first dose of the vaccine. Around 80,000 people get shots in a day. This is resulting in economic recovery and growth in tourism.”
Coming off the back of record highest sales revenues in 2020 and a positive outlook for 2021, Samana Developers has increased its headcount by 55% for 2021 to double up the sales revenue, the statement adds. The company has also announced plans to launch three new residential projects in investor hotspots in Dubai.
It said that it has completely sold out its AED185 million Greens and Hills projects in 2020. The company managed to fast-track the construction of these projects by introducing drastic changes in the way construction is done for the 327 units. Samana’s new construction management strategy helped complete the construction ahead of time, the statement added.
Earlier in 2020, the superstructure of the AED110 million Samana Hills residential project was completed ahead of schedule. Located at Arjan Dubailand, the resort-themed Samana Hills covers an area of 100,000 sqft and houses 205 units, including studios, one and two-bedroom apartments. The ground was broken in September 2019, and is scheduled for handover in Q3 2021, coinciding with the expected high time of Expo 2020 mega-economic opportunity.
The construction of the AED75 million Samana Greens project has also been completed and fully sold out. The delivery of this project is expected in January 2021 as the project is in the final stages of getting the Building Completion Certificate (BCC) from Dubai Land Department.
The AED100 million Samana Golf Avenue project at Dubai Studio City has been fast-tracked and is sold out by 85% as of January 16, 2021. It will be ready for handover in Q1 2023.
“Samana Developers provides 50% financing to its buyers. Its assets guarantee competitive 24% returns at 8% per year over three years. This makes Samana projects attractive propositions for end-users and investors alike. With a payment option of paying 10% on booking followed by 80 months at just 1% makes it an excellent option for those that are looking to move from the rented accommodation to owning a house in Dubai,” the statement concluded.