Dubai-based Samana Developers has launched a 1 billion UAE dirhams ($272.2 million) residential project in Dubai Production City, which will house 1006 housing units. 

The Samana Lake Views project will cover an area of 794,000 square feet and is slated for completion in October 2027, the developer said in a statement.

The residential complex is a part of Samana’s plan to invest AED12.5 billion in the UAE real estate this year.

“Developing our projects near the waterfronts is in response to the demand from our investors who prefer the resort-style communities as well as the prices that are within the reach of buyers and end-users,” said Imran Farooq, CEO of Samana Developers. 

In January, Samana Developers said it was targeting sales of AED8.8 billion ($2.4 billion) in 2024 after recording a 600 percent surge in sales last year.

(Writing by P Deol; Editing by Anoop Menon)


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