MAG to spend $3bn on six of the best
01 October 2014
MAG Property Development is to launch six upscale projects worth a total of $3 billion, five of which will be in Dubai, and one located overseas in the US.
The real estate development arm of UAE’s Moafaq Al Gaddah Group unveiled the projects at last month’s Cityscape Global exhibition in Dubai, saying it aims to be “at the forefront of the region’s real estate industry”.
The first two, MAG 1978 and MAG Luxury, will be in collaboration with Chicago-based Skidmore, Owings & Merrill (SOM).
MAG 1978, located in Business Bay will be the group’s headquarters and will include 218 holiday home apartments while MAG Luxury, situated in Burj Khalifa District, will comprise 62 apartments and lavish facilities.
The group’s third project will be The Estate at Al Furjan located in close proximity to Jebel Ali Port, Al Maktoum Airport, Knowledge Village, and Internet/Media City.
The fourth project sees MAG’s expansion into the US with The Gate located in Frisco, Texas.
With a total investment of $750 million, The Gate will features 17 buildings and seven villas. Its four and five-storey residential buildings are suited to the urban living requirements of professionals and young families, with its 10-storey buildings offering more luxurious apartments.
The fifth project, MAG 230, will be a residential landmark at the City of Arabia in the Dubailand theme park while the last one, MAG 226, will be a luxury residential property standing tall in Jumeirah Village Circle.
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