Sunday 27 September 2020

Samana offers 50pc financing in new Dubai project

DUBAI, January 14, 2020

Dubai-based Samana Developers, a real estate developer, has announced a 50 per cent financing facility for its investors in its upcoming resort-style Samana Golf Avenue project located in Dubai Studio City and near Dubai Sports City.

The move by Samana Developers, a part of Samana Group of Companies, move comes at a time when the Central Bank of UAE, country’s banking regulator, discussed relaxing the existing ceiling of 20 per cent financing by UAE lenders for real estate sector.
The project won the Innovation in Design Award by BNC Publishing, Dubai. The project includes 233 luxury studios, one and two-bedroom apartments some with private pools and a world class leisure deck featuring a golf putting green.
Samana Developers, under the partnership with leading banks, will be providing the most attractive terms for end users financing for both residents as well as non-residents. Financing will be available for up to 10 years tenure on Samana Golf Project for up to 50 per cent of the unit value.  
Alan James Gammon, general manager of Samana Developers, said: “Fifty per cent financing is a generous move by Samana Developers, which reflects our rent-to-own approach for homebuyers. Our partnership with the local financial institutions reflects our mandate to create solutions that meet the changing needs of homebuyers in the UAE.

“Considering the huge interest for the Samana Golf Avenue project in both the local and international market especially China. We perceive an exceptionally strong demand for high-quality, affordable properties in carefully master-planned, and well located residential communities from homebuyers, ranging from young professionals to larger families.”

Beside 50 per cent financing, the competitive guarantee of 24 per cent rental returns makes Samana Golf Avenue project an attractive proposition for end-users and investors alike, and is the developers’ rent-to-own approach, a Samana statement said.

The 10 per cent down-payment and over 90 months instalment scheme makes it easier and simple for the investor to pay and earn rental yields, it added.

In addition, investors are particularly interested in the 8 per cent net return that is given by the developer once the unit is fully paid. The higher than bank return makes Samana Golf Avenue a highly lucrative proposition for investors at a much sought-after location of Dubai Studio City in the city of Dubai, according to the statement.

We have a buyer-focused business model, with a win-win approach. Our 24 per cent guaranteed rental return is hard to compete with in the Dubai’s real estate market which only a mature and sustainable developer can offer. Our sustainable business approach reflects our commitment to our customers and to the Dubai’s real estate market in general,” said Gammon. – TradeArabia News Service


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