Residential properties delivered on time and offering more space, comfort and all-round quality are the key to attracting the Gulf region’s increasingly discerning investors, a prominent Saudi developer has said on the eve of Cityscape Jeddah.
“Real estate has to adapt to keep up with the changing demands of investors and end users,” said Sulaiman Abdulrahman Al Rashid, Chief Executive of ARTAR Real Estate Development.
“They’ve become far more astute in the challenging economic times that we face now compared with the boom era of a few years ago. They want more for their money, better quality, and they want projects to be completed on schedule.”
ARTAR will be showcasing Mada Residences, its 36-storey high rise residential tower in Downtown Dubai, at the three-day Cityscape Jeddah exhibition opening tomorrow (Wednesday 2 November) at Jeddah Centre for Forums and Events under the Patronage of HRH Prince Misha’al bin Majed bin Abdulaziz, Governor of Jeddah.
One of the priorities for ARTAR is to ensure the project, which offers 193 larger than average 1, 2, 3 and 4 bedroom luxury apartments and has already attracted Saudi buyers, is completed on time by Q2 2018.
“We’re perfectly on schedule, and we will make sure there are no delays,” said the company’s Chief Operating Officer Okbah Abdulkarim.
“This is vitally important to investors. Any delays effectively cost them money whether they’re intending to sell, rent out or live in the property, and developers need to be completely honest and practical when announcing completion dates.
“You can’t build a 65-storey building in two years, and sometimes completion dates are given out for marketing reasons.
“Most delays are caused by changes to the plans, lack of management or lack of financial or manpower resources. They key is to monitor the construction programme, micro-manage
every detail and identify potential problems to prevent them from happening.”
Italian-made porcelain tiles, exclusive kitchen cabinets from Spain and Villeroy and Boch sanitaryware from Germany reflect the emphasis on quality materials used at Mada Residences.
ARTAR is also studying ideas for a digital concierge service which will help residents take advantage of the huge range of dining, entertainment, retail, leisure, cultural and other facilities within walking distance in Downtown Dubai. These include the world’s largest shopping destination, Dubai Mall, and the newly opened Dubai Opera.
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