Samana to invest $680mn into 12 new projects in 2023
In 2022 the developer launched Samana Waves, Samana Miami and Samana Santorini
Samana Developers intends to launch 12 new projects in 2023 at a total investment of US $680mn. The Dubai-based developer said the projects include six residential developments and five-star hotels.
Elaborating on its plans for the year, the developer said it has six residential design concepts phased up for the first half, and is primed to expand into the hospitality sector with a set of five-star hotels. Once complete, the projects will add a total of 2,400 new units onto the market.
The firm said it is currently picking up the most suitable locations and recruiting talent with the aim to have a team that’s four times larger in 2023.
“2022 remained bullish for us as we set a new trend in the market. I believe innovation and out-of-box approach in real estate are key factors to success in modern Dubai’s real estate market. For example, Samana was the first developer in Dubai which created and set the trend of private swimming pools in residential projects – in non-hotel projects with title deeds. We are proud of it. Today, this trend has been replicated by at least two dozen developers. We will be coming up with new design ideas in our 12 new projects in 2023,” stated CEO Imran Farooq.
In late April 2021, Prestige Constructions was appointed as the main contractor for Samana Golf Avenue and, in late September 2021, the developer launches three ESG-inspired projects worth a total of $110mn.
Despite the pandemic-related construction challenges and site workforce restrictions in early 2022, Samana was able to manage the construction flow and delivered the Samana Hills project, the firm explained.
Last year it launched Samana Waves, Samana Miami and Samana Santorini projects that were fully sold out, it added.
The developer also pointed out that it had fast-tracked construction work at its luxury lifestyle project – Samana Park Views located within Arjan community alongside its key developments – Samana Waves and Samana Golf Avenue.
Sharing an update on its 176-unit Park Views project, the developer said that work is progressing well, with four out of its eight slabs already completed. The superstructure will be ready by the end of next month. and the project will be delivered in Q2 2024, it concluded.
