Saturday 19 September 2020

MAG breaks ground on $544m Dubai mixed-use development

DUBAI, December 14, 2019

MAG Development, the real estate arm of the UAE-based MAG Holding Group, has broken ground on its Dh2 billion ($544 million) mixed-use project located at Mohammed Bin Rashid City’s Meydan District 7 in Dubai.
Situated close to both Dubai International Airport, Downtown Dubai, DIFC and Dubai Creek Harbour,  Mag City features 5,100 housing units comprising studios, one- and two-bedroom apartments as well as 694 units comprising two-, three- and four-bedroom townhouses in addition to retail and other amenities.
Mag City also offers public facilities with an area of 48,000 sq m, including a private clinic, a nursery and a mosque. There is also about 8,000 sq m devoted to retail spaces, and 84,000 sq m of public parks and green areas equipped with running, riding and cycling tracks. The mega development is due for completion in 2022.
China National Chemical Engineering Group Company (CNCEC) was recently awarded the contract for the construction of Phase One of MAG City.
The ground-breaking ceremony was attended by senior MAG Holding Group officials including the group founder and chairman Moafaq Al Gaddah besides top CNCEC executives including chairman Dai Haijin, vice president Han Ping, chairman (Middle East) Nay Chaun and CC7 chairman Su Fukiang as well as UAE and Chinese board members of the two companies, in addition to real estate developers and experts.
Addressing the gathering, Al Gaddah said: "Today we are pleased to announce the launch of the giant “Mag City” project, the largest residential complex we are offering to the Dubai real estate market. We will exert our professional experience to build a distinguished project that is in line with the reputation of Dubai and the value of our distinguished partners and the history of our group."
The group founder said it had worked on designing a model city that includes integrated services and facilities, which provide a sustainable social environment for the project's residents and reduces the need to move to secure living requirements. 
"We designed the Mag City project according to a new standard that was studied to ensure the best use of spaces and reduce the cost of service fees and operating costs, which enhances the investment returns for our clients," stated Al Gaddah.
He also confirmed that the company recently put forward innovative plans to make the ownership of the property accessible to all. 
The 'Mag City' project is a new addition to the real estate market in the region to enhance the competitiveness of the emirate of Dubai, he added. 
Al Gaddah pointed out that the project would be creating a new market and attracting new categories of buyers by expanding the targeted group. 
"Therefore, we were keen to study the project in full details and aspects. The designs and materials were carefully chosen as we worked personally with the team to ensure the quality of what we provide to the market and the emirate of Dubai," he added.
Heijen said CNCEC is pleased with the strategic partnership with MAG Development to enhance its presence in the UAE market as one of the most important and largest real estate markets in the Middle East.
"The total value of the contracts currently executed for the group in the UAE, Saudi Arabia, Oman, Iraq and other countries is about $3.2 billion,” he added.-TradeArabia news Service


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