MAG Group to launch $884m Dubai projects
Dubai, October 6, 2013
Dubai-based multinational MAG Group will unveil a quartet of new Dubai freehold residential and retail leasing projects at Cityscape Global this month, with a combined sales value of Dh3.25 billion ($884 million).
The new projects are due for completion by 2017, a statement said.
The latest announcement, which includes the launch of the world’s largest M-shaped residential building, brings MAG Group’s UAE focused portfolio to nine completed and active properties, it said.
“Dubai remains an attractive investment proposition for local, regional and international investors, and our active pipeline of Dh3.25 billion worth of upcoming projects is a direct endorsement of the potential that the city still has to offer to residential property buyers,” said Moafaq Al Gaddah, chairman, MAG Group.
The latest residential projects in Dubai Marina, Business Bay and Meydan, cover 3.75 million sq ft and occupy prime community locations in sought-after areas of the city, as well as a new 600,000 sq ft retail area in Al Barsha 2.
The Dh900 million MAG222 tower in Dubai Marina will be located close to the under-development tram link, while MAG220, an Dh400 million luxury residential building will be within easy reach of the Dubai Mall right in the heart of the vibrant Business Bay district. MAG Group is also developing an Dh 2 billion project in Meydan, consisting of residential townhouses and low-rise apartment buildings.
“Our track record as a quality-driven developer that consistently delivers on its off-plan promise puts us in an enviable position to capitalise on early expressions of interest in our three residential projects at Cityscape Global. Investors can also remain secure in the knowledge that MAG Group’s experience and commitment to ensuring a transparent purchasing process, from start to finish, is guaranteed,” said Mohammed Nimer, CEO, MAG Group.
The 51-storey MAG222 tower in Dubai Marina, which will be the biggest M-shaped residential building in the world, will offer 550 spacious one to four-bedroom apartments as well as eight duplex penthouse units, some with their own private rooftop swimming pools. There will also be an exclusive retail area on the ground floor, a bespoke landscaped garden, a dedicated health club floor with an outdoor deck infinity pool and spa, plus a coffee shop, meeting and conference rooms. The development should break ground in 2014 and will take three and a half years to complete.
MAG220 in Business Bay, will occupy an attractive park and lakeside location overlooking Burj Khalifa Boulevard, close to Dubai Mall. Designed with a high-end family focused luxury lifestyle in mind, the 20-storey residential building, will be home to just 81 high spec’ two to four-bedroom apartments and two penthouses. The extensive leisure facilities will include a health club, spa, events space, kids club, landscaped terrace with BBQ set-up, as well as a lap and infinity pool. The project will be completed in 2016.
Rounding out the trio of residential launch announcements are the ‘Polo Townhouses’ and ‘Polo Residences’. The projects will be developed by Invest Group Overseas (IGO), a member of MAG Group.
“The Dh2 billion multi-phase project, located in the Meydan district, includes 106 townhouses and a residential community spread across 29 five-storey apartment buildings. Construction of the development will start in Q1 2014 and will take two and a half years to complete,” said Dr Anas Kouzbari, CEO of IGO.
Located in the emerging suburb of Al Barsha 2, MAG Group is also developing an Dh450 million retail area specialising in interior design and decorative products. The ‘Art Center’, is scheduled for handover in 2015.
MAG Group executives are also inviting prospective retail tenants to discuss leasing opportunities during the three-day Cityscape Global showcase.
MAG will showcase its properties at Cityscape in Hall 6, Stand No. 6C30 – TradeArabia News Service