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, said a prominent Saudi developer on the eve of Cityscape Jeddah.

A major real estate event in Saudi Arabia, Cityscape kicks off tomorrow (November 2) at Jeddah Centre for Forums and Events and will run for the next two days. It is being held under the patronage of Prince Misha'al bin Majed bin Abdulaziz, Governor of Jeddah.

“Real estate has to adapt to keep up with the changing demands of investors and end users,” remarked Sulaiman Abdulrahman Al Rashid, the chief executive of Artar Real Estate Development.

"They have 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," he stated.

Artar will be showcasing Mada Residences, its 36-storey residential tower in Downtown Dubai, at the three-day event.

One of the priorities for Artar is to ensure the project, which offers 193 larger than average one-, two- , three- and four-bedroom luxury apartments and has already attracted Saudi buyers, is completed on time by the second quarter of 2018.

“We are 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 are intending to sell, rent out or live in the property, and developers need to be completely honest and practical when announcing completion dates," he noted.

"You can’t build a 65-storey building in two years, and sometimes completion dates are given out for marketing reasons," stated Abdulkarim.

“Most delays are caused by changes to the plans, lack of management or lack of financial or manpower resources. The key is to monitor the construction programme, micro-manage every detail and identify potential problems to prevent them from happening,” he said.

Italian-made porcelain tiles, exclusive kitchen cabinets from Spain and Villeroy and Boch sanitary ware from Germany reflect the emphasis on quality materials used at Mada Residences, he added.

Artar said it 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.-TradeArabia News Service