Artar's Mada Residence on track for Q2 2018 completion

Saudi-based Artar Real Estate Development’s Mada Residence in Downtown Dubai is on track for a Q2 2018 completion

Mada Residence in Downtown Dubai.
Mada Residence in Downtown Dubai.

Saudi-based Artar Real Estate Development’s Mada Residence in Downtown Dubai is on track for a Q2 2018 completion.

The residential development will offer 193 one-, two-, three- and four-bedroom luxury apartments within a 36-storey tower, all including some of the largest terraces in the Downtown district.

The topping out of the tower was recently completed two months ahead of schedule, according to Dubai-based brokerage fäm Properties.

A fully furnished 23rd floor show apartment is now open, the brokerage said in a statement.

 

Firas Al Msaddi, the chief executive of fäm Properties, said that there is a shortage of developments offering individuality, such as Mada Residence, in key locations like Downtown Dubai which are sought after by buyers seeking handover in 2018.

"While some property sectors may be over-supplied at present, others are under-supplied, especially when you consider what will be ready to live in next year," he said.

Though reports indicate an oversupply in Dubai’s property market, Msaddi explains that there is a lack of supply in some property segments, including a shortage of high-quality, spacious apartments in prime areas like the city’s Downtown area.

"We also need to consider that over-supplied products today might be under-supplied in the near future in a progressive city like Dubai, which has a proven long-term ability to attract new residents and foreign investments through successful planning and execution," he added.

Amenities for Mada Residence include roof-top swimming pool, children’s pool and terrace lounge as well as sauna and steam rooms, Jacuzzi, a state-of-the-art gym and a multipurpose resident’s lounge.

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