DUBAI: In the wake of a challenging situation caused by the pandemic, Dubai-based Samana Developers today said that its on-going projects in Dubai are not affected by covid-19 because their properties are distributed among individual buyers rather than bulk investors. In addition to that, projects are sustainable, energy-efficient and environmentally friendly with low carbon footprint.
On the back of that, the UAE government has allowed construction activities to continue as normal. So, Samana Developers’ projects are in full swing of construction activities.
The key advantage for Samana buyers is that the projects are self-funded, and do not rely on bank borrowings. The in-house funding boosts buyer-confidence and they are assured that investments are 100 per cent safe and with higher returns. Mortgage complications followed by economic recession makes bank-mortgaged properties vulnerable. That is not the case with Samana Developers.
“Our buyers are individuals who earn monthly brackets starting from as low as Dh15,000 and can comfortably spare Dh4000 to Dh6000 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,” said Imran Farooq, CEO of Samana Developers.
He added: “UAE Government’s efficient management of the outbreak is ensuring the smooth flow of site works across the country, which reinforces our commitment of on-schedule delivery of our first project – Samana Greens. The project is currently in finishing stage and the handout letter is set to go out within weeks.”
Construction works on developer’s second residential project, a Dh100 million Samana Hills, is also on track. The 5-storey project, started in November 2019, is scheduled to be delivered in the 4th quarter of 2021.
The 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 relatively slowed the construction speed by 15 per cent in the month of April. But it was managed with extra shifts. The contractors at Samana Developers’ projects are fully complying with the covid-19 SOPs issued by the local authorities. The workflow has resumed the pace of the pre-pandemic.
Samana Developers has property assets currently valuing at Dh700 million with 560 residential apartments in Samana Greens, Samana Hills and in newly launched Samana Golf Avenue projects. All three projects are located in Dubai.
Later this year, Samana Developers plans to launch a series of international projects, especially in London and Portugal.