Gulf Construction Online - Samana revenue up; plans three new projects

Real Estate

Samana Greens ... delivery was expected last month.

Samana revenue up; plans three new projects

01 February 2021

Samana Developers has announced that its total revenue increased 65 per cent since Q2 2020. Buoyed by its growth, the company is now planning to launch three new residential projects in the investor hotspots of Dubai, UAE.

The developer has reported a growth in revenue for ninth consecutive months – April to December 2020 – generated month-on-month despite roadblocks raised by the pandemic.

The company has also increased its headcount by 55 per cent and doubled the sales revenue target for 2021.

In addition, a positive outlook for 2021 is predicted, thanks to the ongoing Covid-19 vaccine drive by the UAE and Expo 2020 in October which will lead growth across sectors, according to Samana Developers.

The company managed to fast-track construction by introducing drastic changes in the way it is done for its 327 units in total, says its top official.

“Our new construction management strategy helped complete the construction ahead of time,” states its CEO Imran Farooq.

“Earlier in 2020, the superstructure of Dh110-million ($30 million) Samana Hills residential project was completed ahead of schedule. Located at Arjan Dubailand, the resort-themed Samana Hills spreads over 100,000 sq ft and houses 205 units, including studios, one and two-bedroom apartments,” he notes.

“The ground was broken in September 2019, and the project is scheduled for handover in Q3 2021, coinciding with the high time of Expo 2020 mega economic opportunity,” he states.

The construction of the Dh75-million Samana Greens too has been completed.

The delivery of this project was expected last month as the project was on the final stages of getting the Building Completion Certificate (BCC) from the Dubai Land Department, explains Farooq.

Samana Developers completely sold out its Samana Greens and Hills projects in 2020.

The Dh100-million Samana Golf Avenue project at Dubai Studio City has been fast-tracked, sold out by 85 per cent and will be ready for handover in Q1 2023, he adds.