Chief executives of both companies also signed a letter of intent to construct the remaining phases of the project for $375.6m
MAG Property Development (MAG PD), the property development arm of MAG Group Holding, has announced the appointment of China National Chemical Engineering Group Company (CNCEC) for the construction of the first phase of its mega project, MAG City, in Dubai.
Worth $500m, the contract was awarded during a signing ceremony that took place at CNCEC’s headquarters in Beijing, China, a statement from MAG PD said. 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 and 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 $375.6 million, the statement added.
“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,” said Al Gaddah.
“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.”
Located in Mohammed Bin Rashid Al Maktoum City, Meydan District 7, MAG City is in a location that is in close proximity to Dubai International Airport, Downtown Dubai, DIFC and Dubai Creek Harbour. The development features 5,100 units comprising of studios, one- and two-bedroom apartments, as well as 694 units comprising of two-, three- and four-bedroom townhouses.
All have been designed to offer quality living spaces at affordable prices in an area of the city that is expected to deliver high return on investment and significant price appreciation over the coming years. it added. Residents will also 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 48,000sqm of public facilities, including a private clinic, nursery, and mosque; around 8,000 sqm of retail space; and 84,211 sqm of public parks and green areas complete with a jogging and bicycle track.
“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,” Hegen concluded.