MAG Development breaks ground on $544mn mixed-use project in Dubai
Moafaq Al Gaddah confirmed that it recently put forward plans to make the ownership of the property accessible to all
MAG Development has broken ground on Mag City, its new $544 million mixed-use development located in Mohammed Bin Rashid City’s Meydan District 7 in Dubai.
The project features 5,100 housing units comprising studios, one- and two-bedroom apartments, as well as 694 units comprising two- three- and four-bedroom townhouses, as well as retail and other amenities. The development also features public facilities with an area of 48,000sqm including a private clinic, a nursery and a mosque.
8,000sqm is also said to be devoted to retail spaces, while 84,000sqm has been earmarked for public parks and green areas, which will be equipped with running and riding tracks, and cycling tracks. The development is due for completion in 2022.
China National Chemical Engineering Group Company (CNCEC) was recently awarded the contract for the construction of the Phase One of MAG City.
The groundbreaking ceremony was attended by senior MAG Holding Group officials including the group founder and chairman Moafaq Al Gaddah, along with 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.
“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,” said Al Gaddah.
He also said his firm 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.
Al Gaddah added, “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.”
