By Andy Sambidge
Company says it is planning to develop mixed-use project in Dubai Healthcare City
Dubai-based MAG Group has signed a joint venture agreement with Dubai Healthcare City to develop about one million square feet mixed-use project at an estimated cost of around AED800 million ($217 million).
The development in Dubai Healthcare City, which is still at the concept design stage, is expected to include two hospitals covering a total of 260,000 sq ft, plus an 80,000 sq ft clinic.
It will also include a residential complex of four buildings with combined gross floor area of 430,000 sq ft; a hotel apartment with a gross floor area of 80,000 sq ft and 100,000 sq ft of retail space.
The development will also include a mosque and one of the most advanced automated car parks and extensive hard and soft landscaping.
It is envisaged that the whole project will be completed by the end of 2016, a statement said.
Moafaq Al Gaddah, chairman of MAG Group said, "The healthcare sector in Dubai is on the cusp of a sustained period of growth and will need to build medical facilities for the future. This expansion is being fuelled by numerous factors.
"First the natural growth in the local population and in the number of expatriate arrivals as the economy expands, looking ahead to Expo 2020. Two, the growth of private health insurance due to changes in government employment policy and Dubai's growing status as a medical tourism hub for the Middle East," he added.
The Healthcare City project comes hard on the heels of MAG Group's recent flurry of announcements at Cityscape Global last year.
At the show, MAG Group unveiled a quartet of new Dubai freehold residential and retail leasing projects. These included an AED2 billion development in Meydan and an AED450 million retail project in Al Barsha 2 branded the Art Center, scheduled for handover in 2015.
MAG Group Properties said it currently has a portfolio of nine completed and active projects in Dubai.