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Real Estate

MAG Creek Wellbeing Resort ... 15 per cent complete.

News in brief

01 December 2018

MAG’s $598m wellness resort on track for 2021 handover

MAG Lifestyle Development (MAG LD), the development arm of MAG Group Holding, has announced that work is progressing at a steady pace on its ambitious Dh2.2-billion ($598 million) MAG Creek Wellbeing Resort, with 15 per cent of the project already completed.

Under the management of lead consultant VX and architects A++, construction is proceeding as planned with the wellness-inspired development on track for its expected delivery date in the first quarter of 2021.

MAG Creek Wellbeing Resort includes a 120,000-sq-ft World Care Wellness Centre, the largest wellness centre in the world. The community also includes a luxurious 96-room World Care Wellness Hotel, a sports, fitness, and leisure centre, and a wide variety of restaurants, cafés, and retail outlets.

In addition to the World Care Wellness Centre and Hotel, the project is home to 17 waterfront mansions that overlook Dubai Creek, 75 luxury apartments, and 172 serviced wellness holiday homes, says MAG LD.

The project contractor Dar Alwad Contracting has already completed 80 per cent of infrastructure works, says the developer.

MAG Creek Wellbeing Resort has been designed in partnership with Delos, a leading wellness real estate and technology company. The gated, landscaped community spans over 898,786 sq ft and covers 550 m of the highly sought-after Dubai Creek waterfront. It is strategically situated adjacent to the Ras Al Khor Flamingo Wildlife Sanctuary and only 4.5 km from Burj Khalifa and Downtown Dubai.

Meilenstein enters UAE with $327m projects

Meilenstein, a German real estate developer, has announced its foray into the UAE’s real estate market with eight projects with a development value exceeding Dh1.2 billion ($327 million).

The projects are to be built in several locations across Dubai, including Mohammed Bin Rashid City (MBR City) within Meydan City, Al Furjan, Dubai Studio City and Dubai Sports City.

The company says it has already invested Dh500 million ($136 million) in company formation, office set-up, talent and land acquisition, infrastructure and other ground works.

“We are going to invest a further Dh2 billion in developing projects in 2018 and 2019 and the numbers will then go up once we start building the projects and selling the properties,” Jawad Azizi, managing director of Meilenstein Developments, says.

“Meilenstein Developments is entering in the UAE market at a time when the real estate sector has achieved a high level of maturity backed up with a regulatory environment that protects property buyers, investors, developers and brokers and with a high level of transparency and accountability.

“Meilenstein is a developer with a difference whose management has vast experience in real estate development and project management. We will bring German quality in building management to ensure durability and longer life in each project that we build that will strengthen the investor appetite for quality homes,” he adds.

Emaar launches premium Downtown Dubai apartments

Burj Royale ... unobstructed views of Burj Khalifa and Dubai Fountain.

Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties, is offering investors an opportunity to invest in a residential apartment in Downtown Dubai, with the launch of Burj Royale.

With unobstructed views of the iconic Burj Khalifa and The Dubai Fountain, the new Burj Royale apartments bring a vibrant lifestyle choice for investors and residents, who will be within walking distance of The Dubai Mall and Dubai Opera, says the developer.

Effortless access to a wide range of amenities is the most appealing factor of Burj Royale, designed as an extension of the Old Town neighbourhood with several hotels including Address Downtown, Vida Downtown and Manzil Downtown nearby, it states.

Residents can also step out to Sheikh Mohammed bin Rashid Boulevard, a lively destination featuring several popular food and beverage (F&B) outlets and cafes.

Burj Royale residences have been launched for sale with the prices of premium apartments in Downtown Dubai extremely competitive compared to similar developments in global cities, thus making Burj Royale a great investment opportunity for international investors too, Emaar Development adds.