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Dubai-based Samana Developers announced on Monday that it has broken ground for 130 million UAE dirham ($35 million) Park Views project in Arjan.
The project's ground-breaking ceremony was attended by Samana Group's Chairman Muhammad Farooq, Group Chief Executive Officer Imran Farooq; Director Kamran Farooq and General Manager Dalya Lebbihi, the developer said in a press statement.
The wellness-themed residential project spans an area of more than 183,323 sq ft, and includes 176 apartments, the statement said, adding that handover is scheduled for the second quarter of 2024.
Imran Farooq said the project design is inspired by nature and incorporates resort-style living.
"This trend is likely to continue in years to come. In addition, World Expo 2020, of course, accelerated the demand for our signature properties and helped in fast selling of the project.”
“UAE's newly announced revolutionary visa residency schemes have boosted the investor interest in Dubai real estate. People are planning for a longer stay in the UAE. The 10-year Golden Visa for property investors and eventually UAE citizenship are some of the initiatives under UAE’s economic reforms programme that are creating a sense of belonging among expatriates. At the same time, it is another major attraction for real estate investors,” he concluded.
(Writing by N Madhura; Editing by Anoop Menon)
