Saturday, January 21, 2017

Artar's Dubai project on track for 2018 completion

Artar Real Estate Development, a leading Saudi-based group, said its work on its Mada Residences project in Downtown Dubai, is going as per schedule for completion in the second quarter of 2018, with a topping out ceremony likely to take place next month.

Backed by 50 years of regional experience, Artar picked its Mada Residences location seeing Dubai’s Downtown district as one of the world’s prime central city locations for investment and living, said it top official.

It boasts a superior location in Downtown Dubai, Burj Khalifa District with easy access that minimises traffic hassles. Destinations such as DIFC, the expanded City Walk Mall and Jumeirah are easily accessible.

“Prime location projects such as ours position investors strategically for long-term growth. Current selling prices are close to construction costs and I can’t think of a better time to buy. You get great value for money right now,” remarked Okbah Abdulkarim, the chief operating officer.

"We are just a one minute walk to The Dubai Mall Extension, two minutes from Business Bay Marina, the Yacht Club, Promenade and an RTA Water Taxi Station. It is genuinely hard to think of a city with such a huge wealth of dining, entertainment, retail, leisure, cultural and other facilities in one location,” he added.

According to him, the Dubai market is experiencing a period of healthy stabilisation paving the way for strong growth in the build-up to Expo 2020.

GCC investors, he stated, have not let regional economic concerns undermine their interests in Dubai residential property which is still seen as providing long-term financial security.

According to him, prime locations such as Dubai’s Downtown district are particularly attractive for Saudi and other GCC investors who want the best of both traditional and multicultural worlds.

"We have not experienced reduced enquiries due to oil prices as our property, unlike others in Downtown, appeals to a wide range of end users and investors. We are not reliant on the type of buyers affected by the drop in oil revenue," observed Abdulkarim.

“Dubai remains an appealing investment destination for regional investors due to its central location, shared religious and cultural values and cosmopolitan lifestyle, world-class infrastructure and a broad range of facilities for businesses and tourists,” he explained.

“We feel that in early 2018 Downtown in particular will see strong demand from the usual GCC investors as we approach the reality of Expo 2020,” he added.-TradeArabia News Service

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