Prominent Saudi developer says luxury residential tower in Downtown Dubai points the way ahead to satisfy demands of investors, end users
photo caption: An artist’s impression of Mada Residents in Downtown Dubai – liveability and a payment plan requiring only a 30% investment prior to completion has given it major appeal for investors and end users
One of Saudi Arabia’s most prominent real estate development companies says the new UAE venture it will be showcasing at Cityscape Jeddah next month is the shape of things to come for property investors in the Gulf region.
ARTAR Real Estate Development maintains that the current economic challenges will force developers to do more to ease the financial burden on investors and end users when it comes to buying homes.
Sulaiman Abdulrahman Al Rashid, ARTAR’s Chief Executive, believes there will be a growing focus on delivering properties offering greater liveability, as well as payment plans which delay most of the financial output until after completion.
These are two of the key selling points for the company’s Mada Residences project in Downtown Dubai which Al Rashid says will appeal to Saudi investors and reflects the changing face of residential property in the Gulf and wider Middle East region.
“Developers must change to keep up with the new demands of investors and end users,” said Al Rashid in the countdown to Cityscape Jeddah, which takes place from 2-4 November at Jeddah Centre for Forums and Events under the Patronage of HRH Prince Misha’al bin Majed bin Abdulaziz, Governor of Jeddah.
“They are more astute as a result of the challenging economic times we face now compared with the boom era of a few years ago, and want more for their money.
“The clear message to developers is that people don’t now expect to pay the biggest chunk of the cost of a home until after completion, not through the construction period.
“Our 30-70 payment plan for Mada Residences helps investors and end users with their cash flow, and reinforces our reputation as a developer committed to delivering quality homes on time.”
Liveability, which describes open-plan homes designed to maximise space and comfort for residents, is the central theme for the 36-storey high rise tower at the heart of Downtown Dubai.
Located within a minute’s walk of The Dubai Mall, the world’s biggest shopping destination, Mada Residences offers 193 larger than average 1, 2, 3 and 4 bedroom luxury apartments, with a big emphasis on quality throughout.
“Genuine liveability is a top priority in many other parts of the world, and giving people a better level of space and comfort is something that developers in this region must focus on as it has a major influence these days on where people decide to live,” said Al Rashid.
Visitors to the ARTAR exhibition stand at Cityscape Jeddah will be able to take a virtual reality tour of the Mada Residences apartments.
ARTAR is the real estate development arm of Abdul Rahman Saad Al-Rashid & Sons, the Riyadh-based group with over 50 years of regional experience in delivering high end projects on schedule.
– Lindsay Johnston, Total Communications Dubai – also photos