Samana Developers on Tuesday (April 25) unveiled a Dh300 million ($81.74 million) mid-luxury residential project located in the newly developed Arjan neighbourhood in Dubai. 

 

Samana Mykonos Signature is the third project out of 12 planned to be launched during 2023, the developer said.

 

With Dubai seeing a growth in tourist influx from Europe, the design and name inspiration of the new project has been derived from the iconic Mykonos Island, a popular tourist resort in Greece with a vibrant nightlife, it said.

 

Samana Mykonos Signature brings the resort concept to the residential sector in Dubai. Tourists visiting Dubai will find it an affordable option as compared to staying at expensive hotels. The 24 retail units will fulfil the needs of the residents, it said. 

 

Dubai’s growing tourist numbers 

Dubai was named the world’s top destination in Tripadvisor’s 2023 Travellers’ Choice ‘Best of the Best’ Awards, outperforming other popular destinations including London, Bali, and Paris. The latest stats are showing 14.36 million people visited Dubai in 2022, an increase of 7.06 million. Total visitor number in January 2023 alone was 1.47 million, according to Dubai Tourism data, the developer said.

 

“We believe today’s buyer is intelligent and has loads of options available to choose from. That is why we bring something new, sustainable, environmentally friendly yet affordable. That’s the uniqueness of our Samana Mykonos project which was quickly sold out. I thank the buyers who trusted us, the network of brokers and the Samana team who work tirelessly. And we are now replicating, rather, launching an enhanced version of our Mykonos project and we have named it Samana Mykonos Signature.”, said Imran Farooq, Chief Executive Officer of Samana Developers.

 

The B+G+M+8 Samana Mykonos Signature project, spanning over 419,947.25 sq ft, will have 276 units and will be delivered in October 2025. The project features a host of amenities – infinity pool, leisure pool deck, swimming pool, kids pool, private swimming pools, green areas, health club, jacuzzi, steam room, kids play area, outdoor cinema, barbeque area, valet parking and 27/4 security.

Cost effective for staycationers, tourists

 

To give added value to investors, Samana Developers has introduced a new income-generating facility for its homebuyers. Under Samana Holidays, the buyers can convert their apartments into holiday homes any time and sub-lease to tourists and visitors. The conversion into serviced apartments for subletting benefits  both sides – homeowner making an additional income; tourist tenant saving on excessive hotel charges, especially in the peak tourist season. 

 

“For example, if a unit is in holiday-home or AirBnB model, the owner can earn between 8% and 13% RoI. Also, the owner can get an additional 8% yearly RoI from the developer. That is a double benefit to the investor. The projects at Samana Developers are designed in this model to offer maximum benefit to investors,” said the developer.

 

Payment plan 

Samana Mykonos Signature comprises 276 apartments that are studios, studios with pools, 1 bedroom with pool, and 2-bedroom with pool. Apartment prices start from Dh624,000 ($169,913).

 

With a five-year payment option of paying 15% on booking followed by 60 months at just 1%, makes it flexible and viable options for those who are looking to move from the rented apartments to owning homes in Dubai. The project is scheduled for handover in October 2025.

 

“In Samana Mykonos Signature, we have created an Island lifestyle with plenty of retail areas which the residents can avail and entertain their guests. It encourages the community lifestyle and foolproof safety. With plenty of retail facilities available right at the ground floor, the end-users do not need to go out of the building for shopping, buy goods and services. It saves time and energy,” Farooq added. – TradeArabia News Service