Samana 2020 revenue up 65pc, plans three new projects
DUBAI, January 16, 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 hot-spots of Dubai.
This is the 9th 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.
The company has also increased its headcount by 55% and doubled the 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 growth across sectors.
Company managed to fast-track the construction by introducing drastic changes in the way construction is done for its 327 units in total, said its top official.
"Our new construction management strategy helped complete the construction ahead of time," stated its CEO Imran Farooq.
"Earlier in 2020, the superstructure of Dhs110 million Samana Hills residential project was completed ahead of schedule. Located at Arjan Dubailand, the resort-themed Samana Hills spreads over 100,000 sqft and houses 205 units, including studios, one and two-bedroom apartments," he noted.
"The ground was broken in September 2019, which is scheduled for handover in Q3 2021, coinciding with the high time of Expo 2020 mega economic opportunity," he stated.
Samana Developers completely sold out its Dhs185 million Greens and Hills projects in 2020. The construction of the AED75 million Samana Greens too has been completed and fully sold out.
The delivery of this project is expected this month as the project is on the final stages of getting the Building Completion Certificate (BCC) from the Dubai Land Department, explained Farooq.
The AED100 million Samana Golf Avenue project at Dubai Studio City has been fast-tracked, sold out by 85% as of today and will be ready for handover in Q1 2023, he added.
