An Exclusive Interview with Imran Farooq: CEO of Samana Developers
Meet the legend, the rising star of Dubai real estate, and the CEO of Samana Developers, Mr. Imran Farooq. He has been involved in Dubai real estate market, covering property transactions, sales, purchases, and the underwriting of diverse buildings since 2002. He recognized market gaps regarding client expectations, delivery, and quality, so he shifted into development in 2017 and has never looked back. Samana Developers has launched many successful high-rise projects in Dubai.
In 2023, Samana is launching a new project every 25 days, growing bigger and better with each new project. Mr, Imran Farooq is an icon for every Pakistani who dreams to become a successful entrepreneur.
Under his able leadership, Samana has outperformed the market by 600%, positioning itself among the top 10 Dubai developers this year.
At Samana, he prioritizes punctuality, delivering EVERY TIME, ON TIME. Even amid COVID-19, Samana projects were delivered on time. Samana’s innovative designs yield milestone projects, leading to frequent launches and larger scales. Samana specializes in maintaining construction speed and quality with centralized management for higher rental income.
1-Can you tell us about your journey as an entrepreneur and developer in Dubai? How did you get started, and what motivated you to pursue this path?
I’ve been associated with the Dubai real estate market ever since the freehold real estate market started in Dubai in 2002. We’ve been involved in purchasing and selling the property and then underwriting various buildings. At the same time, we were underwriting for other developers. We understand that there are gaps between developers’ delivery, client expectations, and quality concerns. We became developers in 2017 and have tried to eliminate the expectations and delivery gap between developers and end-users. So we have been focused on Samana’s timeline EVERY TIME – ON TIME. We have been making sure that the customers see higher progress for the amount they pay and that the planning is done to get their delivery on time.
Generally, the trend in the Dubai real estate market is one and a half-year delay. Even at the worst time of COVID, Samana has delivered on time, and we expect to live up to our target of EVERY TIME – ON TIME.
2-What sets you apart from other developers in Dubai? How do you bring a unique perspective or approach to your work?
We are a quality-focused developer, focusing on the quality of the projects and finishes. So we make sure that we go for the most trendy finishes. For example, some developers use 40 by 40 tiles, 50 by 50, and 60 by 60. As the tile size grows, the wastage and the cost per square meter keep increasing drastically. We are proud to confirm that all of our projects use 80 by 80 tiles which is an extra cost, but it really goes on the finishing line. Secondly, the craftsmanship is in focus, and several inspectors inspect every aspect.
We have been paying attention to quality and ensuring that our customers get the best quality. Whatever is seen in the shown apartment is provided as it is. If somebody buys the furniture pack, they get 100% of what is provided. People who buy without furniture still get the same quality of finishes.
3-How do you see Samana Homes short-term rentals as a unique opportunity for your clients, and how can that increase the ROI of rentals in your projects?
Samana Homes is a unique opportunity for us and our customers. Because clients get a share of the booming tourism market of Dubai without making a significant investment in putting up a hotel, people with their apartments can use Samana Holidays, a short-term state service connecting with Airbnb and other platforms. They can put up their units for short-term rental. They have a centralized management service direct from the developer, and our objective is for our customers to get higher rental income. It works very well. Some customers have seen a 13–15% ROI on Samana homes.
4-How do you see Imlaak’s short-term rental and asset management services aligning with Samana Homes to offer a rental-income generating solution in Dubai, and how will it benefit investors?
Imlaak short-term rental and asset management service aligns with Samana holidays, and we feel glad to associate with such a robust and reliable partner. So the joint venture of Imlaak and Samana Holidays ensures customers get the best short-term rental management service and the highest return on investment possible for the investors.
5– Is Dubai real estate a bubble, in your opinion, as Dubai’s real estate market depends on the geo-political environment? What advice do you have for investors investing in your projects or Dubai in general?
Many people are concerned about Dubai real estate being a bubble. There is no bubble about Dubai real estate because the profile of the customers has changed entirely since 2008. 2008 was an utterly speculation-driven market, while today’s market is an investor-driven market. 90% of Dubai real estate is driven by end users who want to enjoy tax-free rental income. And that’s where their focus is combined with the five years and ten-year golden visas with two million AED investment is helping the market. The pandemic management in Dubai has been excellent. Dubai managed to keep itself going during such a significant crisis.
So obviously, there was a 2-3 month period of lockdown, but after that, they set up the isolation centers and kept themselves going. Dubai became the fastest place to vaccinate all its citizens. The world realized that Dubai is a better place to stay. People in New York, Italy, Uk were deprived of their health status based on their age and things like that. Whereas Dubai was able to rise up to the challenge, and because of that, combined with the flexibility of the golden visa, the growth is excellent.
6-Could you share some of your accomplishments as a developer? What challenges did you face, and how did you overcome them?
At the time of the pandemic, the biggest challenge was how to keep the construction going because of all the social distancing and health and safety issues. But Alhum-Do-Lillah, we have overcome those challenges by introducing night shifts and working out as emergency cash support for our contractors and subcontractors during that difficult time, which paid off. We could continue the construction of all projects and thus support our concept of being on time every time. Thankfully, most of our projects are successful.
7-In your opinion, what makes Dubai an ideal location for entrepreneurs and developers? How does the city’s environment and opportunities contribute to your success?
Dubai is Probably the best city in the world. People in the established top cities of the world, once they visit Dubai, they realize that ease of doing business, traffic management, health, and safety all contribute to its success. Dubai is creating a completely racist-free environment, which is helping the cause. Dubai is among the very few places where you can walk freely on the street past midnight. You can wear your expensive watch, which may cost millions of dollars, drive the best cars, and have a hassle-free life. These luxuries are becoming rarer in more developed cities around the world.
8- As an entrepreneur, what strategies or tactics do you employ to stay updated with the latest trends and technologies in the development industry?
As an entrepreneur, I focus on 360 management and every aspect of business. As developers, we need to make sure that every single project is self-sustainable. It becomes a company on its own, and its cash flow issues must be dealt with. We ensure every project has 12 to 15 months of forward cash flow. So there should not be any crisis. The speed and quality of construction have zero compromises. At the same time, we have buildings being delivered with post-handover payment plans. So if there is any crisis, the buildings we deliver regularly become Samana Bank, and they will support and complement any cash flow issues in a particular project.
At the same time, we are making sure that we are focused on branding. Independent departments are set up, ensuring that Samana is a known brand. We are entirely focused on Samana branding. There are various PR departments, including independent, management, and administrative departments. All those departments focus on making sure that we are scoring close to 10 on 10 in every department. Imlaak short-term rental and asset management service aligns with Samana, and we are glad to associate with such reliable partners.
9-How do you maintain effective communication and collaboration with clients throughout development? What steps do you take to ensure transparency and clear expectations?
The client’s newsletters are sent out monthly so clients can see their progress. We also arrange client trips for various projects from time to time so the client can witness their progress, which is done regularly.
10-Lastly, how do you see Samana success, and what are your expectations for the future?
We take pride in coming up with very innovative design projects; most of Samana’s projects are collector’s items. We are not creating another standard building. Samana is focused on the exterior and making sure that every project is a milestone; customers want to get their unit in a milestone project. That is working for us. That is why, from five launches last year; we are launching new projects every 25 days this year. That’s working for us; the project’s size has also increased.
Samana’s growth has been phenomenal. Dubai is already doing exceptionally well, while the industry is witnessing a 250% growth compared to last year. Samana is outperforming the market by 600%. We are glad to confirm that we are among the top 10 developers in Dubai this year. So we will land with position number six or #6 or #8 closing this year. It is remarkable. Thanks to Allah for consistently delivering without compromising on construction or delivery during the pandemic, and we are benefiting from that.
In 2023, Samana is launching a new project every 25 days, growing bigger and better with each new project. Mr, Imran Farooq is an icon for everyone who dreams to become a successful entrepreneur.
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