Saudi developer Artar aims to change face of Dubai housing

Business Sunday 24/July/2016 14:41 PM
By: Times News Service
Saudi developer Artar aims to change face of Dubai housing

Muscat: One of Saudi Arabia’s leading real estate development companies believes its first venture in the UAE can help mould the changing face of Dubai residential property over the next few years.
Riyadh-based Artar Real Estate Development says the focus on genuine liveability and a payment plan requiring only a 30 per cent investment prior to completion has given its Mada Residences project in Downtown Dubai major appeal for today’s demanding investors and end users.
The company believes the Dubai property market needs a shake-up to make sure that homes meet the needs of buyers whose expectations have been heightened by a changing economic climate. “Real estate has to adapt to keep up with the changing demands of investors and end users,” said Artar’s chief executive, Sulaiman Abdulrahman Al Rashid.
“They’ve become far more astute in the challenging economic times that we face now compared to the boom era of a few years ago. They have the right to ask why they should effectively pay for homes to be built, which is what has been happening with so many payment plans,” he added.
“More and more developers in this market realise that has to change so that most of the cost of a home is paid out after completion. Our payment plan is designed specifically to help investors and end users with their cash flow, and to build more confidence and trust in us as a developer that is dedicated to delivering quality homes on time,” explained Al Rashid.
“At the same time, developers must work to ensure that liveability becomes more than just a real estate buzzword, and that the homes they’re building are genuinely designed to give people a better level of space and comfort.”
Progressive developers agree that liveable homes should generally be open-plan and designed to maximise space, are easy to move around in, easy to use and allow people of all ages and abilities to live in, or visit, comfortably.
Artar has designed Mada Residences around these principles. Located just a minute’s walk from Dubai Mall, it offers 193 larger than average 1-, 2-, 3- and 4-bedroom luxury apartments. They include 80 unique 2-bedroom apartments with maid’s rooms, a feature which has contributed to 70 per cent of all units already being sold. Artar is guaranteeing early deliver of all units in the second quarter of 2018.
“We believe we’ve got the right formula, and sales to date supports that view,” said Al Rashid. “We think more developers will follow this trend in the market, just as they do in other parts of the world where the concept of liveability is a top priority because it has a major influence on where people decide to live.”
Visitors to the Artar exhibition stand at Cityscape Global in Dubai in September will be able to check out the Mada Residences designs by taking a virtual reality tour of apartments. Artar is the real estate development arm of Abdul Rahman Saad Al Rashid & Sons, a group with over 50 years of regional experience in delivering high end projects on schedule.