Artar gets solid response for debut UAE project

Artar Real Estate Development said it has received an overwhelming response from Saudi investors for its first UAE venture, Mada Residences, at the ongoing Riyadh Real Estate and Urban Development Exhibition (Restatex). Located within a minute’s walk of The Dubai Mall, the world’s biggest shopping destination, Mada Residences offers 193 larger than average one-, two-, three- and four-bedroom luxury apartments, with a big emphasis on quality throughout. As a gold sponsor, Artar will be playing a key role at Restatex which runs till April 26 at the Riyadh International Convention and Exhibition Centre. The Saudi developer has brought its Mada Residences project to virtual reality for the thousands of visitors attending the expo so that they can truly experience the quality of build and greater liveability offering in a prime Downtown Dubai location, said a top official. “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 its CEO Sulaiman Abdulrahman Al Rashid on the sidelines of the ongoing expo. "The growing confidence from investors is underlined by the recent figures from the Dubai Land Department which states that Dh77 billion ($21 billion) of real estate transactions were completed in the emirate during the first quarter. Among the GCC nationals, Saudis remain the second-largest investor group in Dubai," he added. "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," he noted. 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. Al Rashid pointed out that a majority of the Mada Residences units have already been sold, and a significant number of the buyers are Saudis who recognise the appeal of a sound UAE investment. "We expect a number of our leads generated today to be converted into sales,