PHOTO
Dubai: MAG Property Development (MAG PD), the property development arm of MAG Group Holding, has announced the appointment of China National Chemical Engineering Group Co. Ltd. (CNCEC) for the construction of the first phase of its mega project, MAG City. The contract, worth USD 500 million, which is over AED 1.8 billion, was assigned during a signing ceremony that took place at CNCEC’s headquarters in Bejing, China. The signing ceremony was attended by Dai Hegen, Chairman of CNCEC, and Moafaq Al Gaddah, Chairman and Founder of MAG Group Holding and MAG LD, along with other senior management members from both companies. The chief executives for both companies also signed a letter of intent to construct the remaining phases of the project for AED 1.38 billion.
MAG City is located in Mohammed Bin Rashid Al Maktoum City Meydan District 7 — a prime location that is close to both Dubai International Airport, Downtown Dubai, DIFC and Dubai Creek Harbour. The development features 5,100 units comprising studios, one and two-bedroom apartments as well as 694 units comprising two- three- and four-bedroom townhouses. All have been designed to offer quality living spaces at affordable prices in addition to basketball and football courts, indoor and outdoor playing areas and retail spaces spread across 25,000 sq. ft. in an upcoming area of the city that is expected to deliver high ROI and significant price appreciation over the coming years.
Talal Moafaq Al Gaddah, commented: “We are pleased with the appointment of CNCE to commence construction works at MAG City. The company was appointed after careful consideration due to their capacity to deliver on time and deliver the quality which we promise our clients. MAG City is a unique project from a design perspective, and we already won several international awards as best mixed-use property for. MAG LD emphasises resident satisfaction with every project, appointing the best contractors and working with premium partners to deliver upon our promise of a customer-centric approach that urges residents to expect more.”
In his comments on the signing ceremony, Dai Hegen said: “CNCEC is working on various projects across the UAE, Saudi Arabia, Oman, and Iraq, with a total worth of USD 3.2 billion, and we have a staff of nearly 20,000 people who work in housing, infrastructure, petrochemical, and chemical industries. We are confident that we will build MAG City with the highest quality standards and are pleased to be working with such a prominent developer in the UAE.”
This year also marks the 35th anniversary of the establishment of diplomatic relations between China and the UAE. Making this event of great importance to connect the past and future, the signing of the MAG City project with MAG Holding Group and MAG Property Development is the implementation of a comprehensive strategic partnership between China and the UAE
MAG City is one of MAG LD’s premium projects, comprising apartments and townhouses whose design, procurement, and construction adopt international standards and technical specifications.
In addition to beautifully designed homes, residents will benefit from access to a sports club, ladies lounge area, coffee shop, swimming pool, a dedicated children’s pool, and an indoor play area. MAG City also features 48,000 square metres of public facilities, including a private clinic, nursery, and mosque; around 8,000 square metres of retail space; and 84,211 square metres of public parks and green areas complete with a jogging and bicycle track.
-Ends-
© Press Release 2019Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
