Dubai-based Samana Developers is targeting sales of 8.8 billion UAE dirhams ($2.39 billion) in 2024 after recording a 600 percent surge in sales last year.

The developer reported a 2.8 percent off-plan market share in 2023, it said in a statement, citing the latest data from Property Monitor, noting that the growth was driven by ‘affordable luxury units, competitive return on investment, and convenient payment plans.’

Samana launched 12 new projects in Dubai last year, achieving sales of AED3.3 billion. 

“Securing a position among the top 10 developers in the UAE is a testament to the team’s dedication and commitment to providing tailor-made investment advice and exceptional service,” said Imran Farooq, CEO of Samana Developers.

“Our ‘on time, every time’ philosophy, along with our unique offerings, has propelled us to the forefront of the real estate market, and we are excited to build on this success in the coming months,” he added.

In 2023, the company was able to achieve 100 percent of super-structure completion within 7 to 8 months of commencement of construction.

Samana’s statement noted that Dubai real estate market is expected to grow by 40-50 percent overall, with the off-plan sector maintaining dominance.

In December 2023, the developer said it will award 18 new construction contracts in 2024 and complete the handover of four projects in the next 13 months. The same month, the company delivered on time the AED100 million Samana Golf Avenue project in Dubai Studio City.

The company is also poised to announce its first super-luxury project outside the UAE in 2024, with property values ranging from $3 million to $20 million. The December statement didn’t elaborate other than stating that project involves a ‘perfect blend of Sun, Sand, and Sea.’

The statement had noted that the company will expand its Dubai sales workforce by 80 percent to 455 new full-time employees and establish offices in China and Europe to bring its offerings closer to key markets.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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