Dubai-based Samana Developers announced on Thursday the launch of Waves-2 residential project in Jumeirah Village Circle, Dubai at an investment of 200 million UAE dirhams ($55 million).

The mid-luxury project forms the second building of the 170-unit Waves twin tower complex, the first being the AED 165 million ($45 million) Waves-1 launched in March 2022, according to a press statement issued by the developer.

The 23-storey building with ground floor and 3 parking levels will span an area of 263,636 square feet (sq. ft), and incorporate private pools, a leisure deck, a health club, and retail spaces on the ground floor.

The handover of the project is scheduled for the first quarter of 2026.

Imran Farooq, the CEO of Samana Developers, said: “Dubai real estate market is currently witnessing a historic rise. The bullish trend, kick starting in 2023 at the back of regional and international events, is expected to continue during the rest of 2023.”

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)