Friday 29 May 2020

China firm wins $500m MAG City construction deal

DUBAI, August 25, 2019

MAG Property Development (MAG PD), the property development arm of MAG Group Holding, has appointed China National Chemical Engineering Group Company (CNCEC) for the construction of the first phase of its mega project, MAG City in Dubai. 
The contract, worth $500 million (Dh1.8 billion), was awarded during a signing ceremony that took place at CNCEC’s headquarters in Beijing, China. The ceremony was attended by Dai Hegen, chairman of CNCEC, and Talal Moafaq Al Gaddah, chairman and founder of MAG Group Holding and MAG LD, along with other senior management members from both companies. 
The chief executives for both companies also signed a letter of intent to construct the remaining phases of the project for Dh1.38 billion, said a statement.
MAG City is located in Mohammed Bin Rashid Al Maktoum City Meydan District 7 - a prime location that is close to both Dubai International Airport, Downtown Dubai, DIFC and Dubai Creek Harbour. 
The development features 5,100 units comprising studios, one and two-bedroom apartments as well as 694 units comprising two- three- and four-bedroom townhouses. All have been designed to offer quality living spaces at affordable prices in addition to basketball and football courts, indoor and outdoor playing areas and retail spaces spread across 25,000 sq ft in an upcoming area of the city that is expected to deliver high return on investment (ROI) and significant price appreciation over the coming years.
Al Gaddah commented: “We are pleased with the appointment of CNCEC to commence construction works at MAG City. The company was appointed after careful consideration due to their capacity to deliver on time and deliver the quality which we promise our clients. MAG City is a unique project from a design perspective, and we already won several international awards as best mixed-use property for. MAG LD emphasises resident satisfaction with every project, appointing the best contractors and working with premium partners to deliver upon our promise of a customer-centric approach that urges residents to expect more.”
Hegen said: “CNCEC is working on various projects across the UAE, Saudi Arabia, Oman, and Iraq, with a total worth of $3.2 billion, and we have a staff of nearly 20,000 people who work in housing, infrastructure, petrochemical, and chemical industries. We are confident that we will build MAG City with the highest quality standards and are pleased to be working with such a prominent developer in the UAE.”
MAG City is one of MAG LD’s premium projects, comprising apartments and townhouses whose design, procurement, and construction adopt international standards and technical specifications. 
In addition to beautifully designed homes, residents will benefit from access to a sports club, ladies lounge area, coffee shop, swimming pool, a dedicated children’s pool, and an indoor play area. MAG City also features 48,000 sq m of public facilities, including a private clinic, nursery, and mosque; around 8,000 sq m of retail space; and 84,211 sq m of public parks and green areas complete with a jogging and bicycle track. – TradeArabia News Service


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