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Samana Developers on Tuesday (April 25) unveiled a AED300 million (US$81.74 million) mid-range luxury residential project in Dubai’s newly developed Arjan neighbourhood.
Samana Mykonos Signature is the third of 12 projects planned to launch in 2023, the developer said.
Dubai said that with the continued influx of tourists from Europe, the design and naming of the new project was inspired by the iconic island of Mykonos, a popular tourist destination in Greece with a vibrant nightlife.
Samana Mykonos Signature brings the resort concept to a residential area of Dubai. Visitors to Dubai will find this an affordable alternative to staying in expensive hotels. The 24 retail units will cater to the needs of residents, it said.
Dubai’s growing tourist numbers
Dubai was named the world’s best destination in Tripadvisor’s 2023 Travellers’ Choice Best of the Best awards, outperforming other popular destinations including London, Bali and Paris. The latest statistics show that 14.36 million people will visit Dubai in 2022, an increase of 7.06 million people. According to the developer, the total number of tourists in January 2023 alone will reach 1.47 million, according to Dubai Tourism.
“We believe today’s buyers are smart and have a lot of options to choose from. That’s why we’re bringing something new, sustainable, eco-friendly but affordable. That’s what makes our Samana Mykonos project unique , the project sold out quickly. I am grateful to the buyers who trusted us, the network of brokers and the Samana team who worked tirelessly. We are now replicating, and instead launching an enhanced version of our Mykonos project, which we named the Samana Mykonos Signature ,” said Imran Farooq, CEO of Samana Developers.
The B+G+M+8 Samana Mykonos Signature project spans over 419,947.25 square feet and will have 276 units for delivery in October 2025. The project has an array of amenities – infinity pool, leisure pool deck, swimming pool, kiddie pool, private pool, green areas, health club, jacuzzi, steam room, children’s play area, outdoor cinema, BBQ area, valet parking and 27/4 security.
Cost-effective for lodgers and tourists
To bring added value to investors, Samana Developers has launched a new income-generating facility for its homebuyers. According to Samana Holidays, buyers can always convert their apartment into a holiday home and sublet it to tourists and visitors. Subletting into a serviced apartment is beneficial for both parties – the homeowner gets extra income; the tourist tenant saves on excessive hotel bills, especially during peak tourist season.
“For example, if a unit is a vacation home or an AirBnB model, the owner can get an ROI of 8% to 13%. Plus, the owner gets an additional 8% ROI from the developer every year. That’s great for investors. It’s a double benefit. Samana Developers’ projects are designed with this model in mind to provide maximum benefit to investors,” said the developers.
payment plan
Samana Mykonos Signature consists of 276 apartments ranging from Studios, Studios with Pool, One Bedroom with Pool and Two Bedrooms with Pool. Apartment prices start from AED 624,000 (US$ 169,913).
The five-year payment option, which pays 15% of the booking fee and then only 1% for 60 months, is a flexible option for those looking to move from renting out apartments to owning a home in Dubai. The project is scheduled for delivery in October 2025.
“At Samana Mykonos Signature, we have created an island lifestyle with an abundance of retail that residents can take advantage of to entertain their guests. It encourages a community lifestyle and foolproof security. The ground floor features a wealth of retail facilities and ultimately Users can shop and purchase goods and services without having to step out of the building. It saves time and effort,” added Farooq. – trade arab news agency
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