Dubai's MAG Group to unveil $884m projects

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An artist's impression of the Art Centre project in Dubai.

An artist's impression of the Art Centre project in Dubai.

Dubai-based MAG Group said on Sunday it will unveil a quartet of new Dubai freehold residential and retail leasing projects this month, with a combined sales value of AED3.25bn.

The company said in a statement that the projects are due for completion by 2017.

The latest announcement, which includes the launch of the world's largest M-shaped residential building, will bring MAG Group's UAE focused portfolio to nine completed and active properties, with the new residential projects earmarked for Dubai Marina, Business Bay and Meydan.

"Dubai remains an attractive investment proposition for local, regional and international investors, and our active pipeline of AED3.25bn worth of upcoming projects is a direct endorsement of the potential, that the city still has to offer to residential property buyers," said Moafaq Al Gaddah, chairman, MAG Group.

The latest residential projects in Dubai Marina, Business Bay and Meydan, cover 3.75m square feet and occupy prime community locations in sought-after areas of the city, as well as a new 600,000 square feet retail area in Al Barsha 2.

The AED900m MAG222 tower in Dubai Marina will be located close to the under-development tram link, while MAG220, an AED400m luxury residential building will be within easy reach of the Dubai Mall right in the heart of the vibrant Business Bay district.

MAG Group is also developing an AED2bn project in Meydan, consisting of residential townhouses and low-rise apartment buildings, the statement said.

Rounding out the trio of residential launch announcements are the 'Polo Townhouses' and 'Polo Residences'. The projects will be developed by Invest Group Overseas (IGO), a member of MAG Group.

"The AED2bn multi-phase project, located in the Meydan district, includes 106 townhouses and a residential community spread across 29 five-storey apartment buildings. Construction of the development will start in Q1 2014 and will take two and a half years to complete," said Dr Anas Kouzbari, CEO of IGO.

MAG Group also said it is also developing an AD450m retail area specialising in interior design and decorative products. The 'Art Center' is scheduled for handover in 2015.

All the projects will be showcased at Cityscape Global which is being held in Dubai from October 8-10.

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