Mada'in Properties, a Shariah-compliant developer, yesterday said it will implement a new pricing policy that will reduce the purchase price of all its properties by up to 30 per cent.
Existing customers will receive revised contracts with a reduction of about 30 per cent of the total purchase price and will have their remaining payments rescheduled. This revision will give customers a reduction on the original principle cost, the company said in a statement.
Abdul Aziz Al Awar, CEO, Mada'in Properties, said: "We have studied the market conditions and have formulated a strategy that deals with the past, the present and the future. Bearing this in mind, we have made the decision to assist our customers in their investments, not only in good times, but also in the current market conditions. The construction costs have come down significantly, allowing us to pass on the savings to our current customers."
More than 80 per cent of Mada'in's customers have committed to their investment and will continue their payments until the completion of the project.
"Innovation in concept, design, execution and competitive pricing have been the driving forces behind all our projects. This unique selling proposition has attracted property investors internationally as well as regionally," added Al Awar.
The company's projects – Marina Arcade in Dubai Marina and The Domain in Dubai Silicon Oasis – are already under way.