Al Madar Property Investments yesterday said its Scala Tower, an 18-floor residential complex comprising 182 apartments in Dubai’s Business Bay, has been sold out while Siraj Tower, a 30-storey residential facility at Arjan in Dubailand, has been 50 per cent sold.
“We believe this is a result of our commitment to deliver properties of the highest quality, which has been greatly appreciated by our clients, particularly investors interested in Dubai’s burgeoning property market. Dubai’s growing reputation as an attractive investment destination has been critical to our company’s success,” said Haider Mashhadi, Managing Director of the Al Madar Group.
“The momentum generated by Al Madar’s initial offerings in the UAE has provided a significant boost to our expansion initiatives for 2008 and we are confident of gaining more ground as we unveil a whole new range of world-class projects this year to satisfy the continuing surge in demand for new properties.”
Al Madar will this year launch Bellagio, an office tower in Liwan, Dubai; and Coppet, a commercial facility in Arjan. The company has also purchased various properties across key locations in Dubai, Doha and other places in the GCC, a statement said.
Construction of two office towers and a hotel in Doha has begun, Al Madar said. The company has purchased new land in Lusail in Qatar where it will build a 15-storey building that will open for sales this year.
“Al Madar creates properties that offer great value to investors and property buyers in terms of strategic location, amenities, comfort and long-term sustainability.
“This visionary approach to real estate development will be vital as we aim to expand our presence in the UAE’s property market,” said Mashhadi.
Al Madar Group was founded in 1992 in Qatar as a company specialising in the innovative design and construction of civil and industrial projects as well as infrastructure and marine development initiatives.
The group has since grown considerably, with a strong presence in several business and industrial sectors, including real estate, contracting, engineering, manufacturing and trading.
Real estate boom drives Al Madar to launch new projects in Dubai and Doha