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ARTAR Real Estate Development, the property development arm of Abdulrahman Saad Al-Rashid & Sons Co., announced that it has achieved a 15% completion rate of Mada Residences. Situated in Downtown Dubai, the exclusive residential property development is ARTAR's first project in the UAE.
"Since the commencement of construction, the progress of Mada Residences, has been on schedule," said Sulaiman Abdulrahman Al Rashid, CEO of ARTAR Real Estate Development L.L.C. "We are in the process of pouring the concrete for the first podium floor above ground, with the main core of the tower reaching the 5th floor," he added.
The rapid progress follows on the expectation to deliver the project no later than July 2018. With strong interest from the GCC and international buyers, the development has seen strong demand as potential buyers gravitate towards the modern amenities and location offered by Downtown Dubai.
"As of today we are ahead of our own sales targets. Savvy buyers are recognizing the potential of this area and are confident enough to purchase multiple units with expectations of steady appreciation over the next three to five years." Sulaiman Abdulrahman Al Rashid added. "Our successful sales record with Mada Residences is largely attributable to our competitive prices, attractive payment plan, project location, unit layout design and the advanced construction progress".
Mada Residences is the first luxury residential project in the UAE from ARTAR Real Estate Development, a group with over 50 years of regional construction and development excellence. Located in Dubai's premium lifestyle district, Downtown Dubai, the AED 600 million development comprises a total of 193 one, two, three and exclusive four-bedroom spacious units.
Mada Residences has been designed by its architects to have a focus on light and space and is characterised by generous living areas and modern finishes. With prime use of floor-to-ceiling glass throughout, each unit at the development has been styled to be light, airy and roomy. Residents at Mada Residences will have access to a luxury roof-top swimming pool, children's pool and terrace lounge that offer stunning views across the city, as well as enjoy sauna and steam rooms, Jacuzzi, a state-of-the-art gym and a multi-purpose residents' lounge.
ARTAR Real Estate Development has capitalised on the high standing enjoyed in its country of origin by extending its reach to become a global developer. Already an established and prominent name in the Kingdom of Saudi Arabia's real estate and construction sector, the company has developed a well-deserved reputation for uncompromising integrity, well-planned engineering and efficient creation of spaces that merge livability with value. In addition to Mada Residences, ARTAR Real Estate Development has a number of other highly anticipated projects in the planning stage, with announcements to follow.
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About ARTAR Real Estate Development L.L.C.
Established in 2014 and located in Dubai, ARTAR Real Estate Development L.L.C. is the property development arm of Abdul Rahman Saad Al-Rashid & Sons Co. (ARTAR), a Saudi-based diversified conglomerate with interests that span numerous industry sectors. Formed as a specialist entity that draws on the huge array of expertise and experience that ARTAR has accrued in real estate development in its Saudi Arabia heartland, ARTAR Real Estate Development L.L.C aims to become a key player in Dubai's real estate market through several major development projects it is undertaking in the near future.
ARTAR Real Estate Development L.L.C. is committed to ARTAR's corporate philosophy of world-class innovation allied to great leadership. The company's ambition is to be at the forefront of Dubai's dynamic real estate market through employing ARTAR's winning business model that is underpinned with the pillars of knowledge, acumen and expertise. ARTAR Real Estate Development L.L.C. prides itself on its second-to-none quality assurance mechanisms. The organisation's uncompromising quest to deliver the very best is an imperative designed to provide long-term benefits to investors and customers.
© Press Release 2016
