The first of these ventures will be launched in January at one of Pakistan’s ‘tourist hotspot’.
Dubai-based Samana Developers has launched a joint venture to take on “resort-themed” projects in Pakistan. The company has signed up with H&S Real Estate to launch ‘Emirates Developers’, which will be the operating entity for the Pakistan ventures.
“We are not only developing another brick-and-mortar project, but a lifestyle development at par with the international standards, which we have achieved in Dubai,” said Imran Farooq, CEO of Samana Developers. “Despite the drop in currency, Pakistan’s real estate market is quite attractive with year-on-year growth projection as we see Pakistan’s population, which needs housing, continues to grow.”
The first project will be launched at a “tourist hotspot” in January. “I believe today’s developers need to think outside the box to fill the gap between innovation, lifestyle and construction,” said Farooq. “It gives a solid reason to buyers and end-users to invest.
“Our end-user business model has helped to be resilient during the pandemic. During the lockdown, we kept on building, and did not stop which continued the workflow, (and) hence, cashflow from buyers to vendors.”
Picking up plots
“We had a choice of choosing a plot for single building but that would not be a lifestyle,’ said Farooq. “That is the reason we picked up a cluster of large plots to create a community. Anything one needs in a five-star hotel will be available in Emirates Developers’ projects.”
Choice of partner
H&S too has a UAE presence, but as a property brokerage firm and associated with leading names such as Emaar Properties and the Tilal Al Ghaf project from Majid Al Futtaim.
SAMANA’S BEEN BUSYSamana was one of the handful of developers to launch offplan projects in Dubai once the property market upturn became more pronounced.
This year, it was ranked 16th in terms of the number of units sold within a particular timeframe. The company is expecting a 35 per cent higher sales revenue.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
