- Prominent Saudi developer plays leading role in Restatex as Saudi developers see good returns in Dubai
ARTAR Real Estate Development has reported strong interest and a positive response from Saudi Arabian property investors at Restatex, the Riyadh Real Estate and Urban Development Exhibition.
Playing a major role as a gold sponsor in the prominent real estate event, which runs until 26 April at the Riyadh International Convention and Exhibition Centre, ARTAR has brought their Mada Residents project to virtual reality for thousands of visitors to their stand, so that they can truly experience the quality of build and greater liveability offering in a prime Downtown Dubai location.
Sulaiman Abdulrahman Al Rashid, Chief Executive Officer of ARTAR, said the confidence they have seen from investors is underlined by the recent figures from the Dubai Land Department which states that AED77 billion of real estate transactions were completed in Dubai in the first quarter of 2017; Saudis remain Dubai’s second-largest investor group among GCC nationals.
“We have received a lot of support already from the Saudi market in Mada Residences, which is our first UAE project and the response today has been overwhelmingly positive,” said Al Rashid from the sidelines of the developer’s stand at Restatex.
“There is a degree of uncertainty in the market, globally, which is making buyers look much more carefully at what they are getting for their money, but we have created bigger, smarter, intelligently designed apartments for investors which offer more for their money – these are factors that developers must incorporate today to create a differentiation in the UAE market.”
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.
Al Rashid added: “A majority of the Mada Residences units have already sold, and a significant number of those are Saudi Arabian buyers who recognise the appeal of a sound UAE investment, and we expect a number of our leads generated today to be converted into sales.
“I put the success of this project down to the combination of three factors: a prime location with open plan spaces, a firm commitment to delivering on time – and we are very much on schedule, and our 30-70 payment plan which helps investors with cash flow and reinforces our reputation as a developer who stands by their promises.”
Visitors to the ARTAR exhibition stand at Restatex can take a virtual reality tour of the Mada Residences apartments by slipping on headsets which are connected to a mobile app and allows them to get a real feel for the apartments, their layouts and the space in each unit.
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.