Samana Developers Announces $272M Lakeside Residential Project
Samana Developers has unveiled a new $272 million real estate venture in Dubai Production City, named Samana Lake Views.
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This AED1 billion project represents a significant portion of their planned AED12.5 billion investment in UAE real estate for the year. Nestled beside Samana lake, the development spans a 794,000 square foot plot and will feature twin towers with a total of 1,006 residential units, including studios, and one and two-bedroom apartments.
The anticipated completion date for this luxurious residential project is October 2027. It aims to offer a superior lifestyle with promising returns on investment for investors, homeowners, and end-users.
Imran Farooq, CEO of Samana Developers, emphasized that this project marks a new phase of innovative design, particularly with its proximity to waterfront developments, meeting investor demand for resort-style living at accessible prices.
Samana Lake Views is notable for including private pools in each apartment and integrating smart home technology. The two-bedroom apartments will also feature maid’s rooms.
Additional amenities include kids’ pools, leisure pool decks, barbecue areas, lazy rivers, basketball and table tennis courts, cabana and shower areas, indoor and outdoor aquatic gyms, relaxation zones, bonfires, a kids’ splash pad, a virtual reality golfing facility, an outdoor cinema, and a trampoline park.
Highlighting the financial benefits, Farooq pointed out the property’s high potential for rental income and capital appreciation, attracting investors globally including from the US, Europe, GCC, and Asia.
The complex offers flexible payment options, including an eight-year payment plan and a five-year post-handover plan, with and an option of 1% or 0.5% monthly instalments. With starting prices of AED639,000 ($178,000), the project also promises an attractive 8% return on investment.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Villa prices saw particularly strong growth, with capital values increasing by 33.4 percent year-on-year
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Dubai’s real estate market showed strong performance in the second quarter of 2024, with notable increases across the residential, office, and retail sectors, according to a new ValuStrat real estate report for Q2 2024.
Villa prices experienced particularly strong growth, with capital values rising by 33.4 percent year-on-year.
Haider Tuaima, Director and Head of Real Estate Research at ValuStrat said: “The Dubai real estate market has shown impressive growth and resilience in recent months. The ValuStrat Price Index for Residential Capital Values increased by 6.4 percent quarterly and 28.2 percent annually, reaching 178.2 points.
“Despite severe flooding caused by record rainfalls in April, the quick and effective response from developers and authorities helped to control the damage, ensuring that market activity and property valuations remained robust in the subsequent months.”
The office sector also performed well, with the VPI for office capital values surging by 31.7 percent annually and 9.4 percent quarterly, reaching 212.5 points—the highest quarterly increase in a decade.
In the retail sector, Emaar Properties reported 98 percent occupancy in their prime mall assets, while overall mall occupancy stood at 96 percent during the first quarter of 2024. The hospitality sector also saw growth, with total international guests reaching 8.12 million as of May 2024, a 9.9 percent increase compared to the same period last year. Hotel occupancy reached 81 percent, rising by 1.4 percent year-on-year.
Despite these positive indicators, Tuaima added, “The decline in transaction volumes calls for a closer examination of market dynamics as stakeholders navigate this evolving landscape.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
