Custom monitor resolution on Wayland

The DELL 2711b monitor has a native resolution of 2560x1440 which is available when using the DisplayPort. The HDMI port however, is limited to 1920x1080. The X display server has some well documented methods to override a monitors resolution, but none of them work on Wayland. I have made many attemps to find a solution to this problem in the past, but never really figured it out – until now!