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MAG unit nets $952m in Dubai project sales

DUBAI, November 28, 2018

Dubai-based MAG Dubai, the property development arm of MAG Group Holding, said it has successfully sold a total of 2,887 units worth Dh3.5 billion ($952 million) in multiple developments across the emirate.

These include Mag Eye, Mag 318, Mag MBL Residence, Mag 5 Boulevard and Mag 5 in Dubai South besides The Polo Townhouses and The Polo Residences in Meydan.

Of these, 600 units - comprising studios, two-, and three-bedroom townhouses with a value of Dh400 million - were sold at Mag Eye, a Dh4.7 billion project and the only fully gated townhouse and apartment community in Meydan District 7.

At Mag 318, a mixed-use luxury residential tower that features 439 apartments, around 75 per cent of the units have been sold including studios, one-, and two-bedroom apartments with private balconies that overlook Dubai Water Canal and Downtown Dubai, said a statement from the developer.

This was all in addition to the completion of 30 per cent of Mag MBL Residence in Jumeirah Lakes Towers (JLT), Cluster K- K2; 80 per cent of the infrastructure works and 15 per cent of total construction of Mag Creek Wellbeing Resort; and the completion of Mag 5 Boulevard project in Dubai South, which comprises six buildings and will provide the market with 528 units split between studios, one-bedroom, two-bedroom and three-bedroom units, it stated.

Mag Dubai also unveiled recently the biggest fleet of Rolls-Royce Ghost motor cars in the world, making it the leading global customer for the ultra-luxury car, it added.

The Emirati developer said to ensure peak quality across all its projects, MAG Dubai had signed a strategic partnership with Ayana Holding, an internationally recognised organisation with businesses and investments that provide services across a diverse scope of industries.

As part of this agreement, Ayana Holding will provide MAG Dubai, through its portfolio of companies - VX Studio, Opaal Interiors, Performaa, ALT Technology and Brand Capital among others - a diverse scope of services and expertise for new and existing projects and the brand as a whole.-TradeArabia News Service

Tags: Dubai | apartment | MAG Holding |

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