UAE-based Artar Real Estate Development said work is progressing well at its Mada Residences project in Downtown Dubai with the main core of the tower reaching the fifth floor.

The property development arm of Abdulrahman Saad Al-Rashid & Sons Company said this is the group's first luxury residential project in the UAE.

Located in Dubai’s premium lifestyle district, the Dh600-million ($163 million) development comprises a total of 193 one-, two-, three- and exclusive four-bedroom spacious units.

Artar Real Estate Development said about 15 per cent of the work at Mada Residences has been completed and is on track for delivery by July 2018.

“Since the commencement of construction, the progress of Mada Residences has been on schedule,” remarked its CEO Sulaiman Abdulrahman Al Rashid.

“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 fifth floor,” he added.

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 recognising 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,” stated Al Rashid.

“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,” he added.-TradeArabia News Service