The handover to owners has begun of more than 300 - apartments at the 43-storey MAG 214 building in the Jumeirah Lakes Towers development on Dubai's Sheikh Zayed Road.
Built by MAG Group Property Development, MAG 214 is one of several competitively priced buildings being developed by the company aimed at the mid-range market and appealing to Dubai’s burgeoning middle income families The original selling price of the building's apartments was AED750 ($204) a square foot.
Jumeirah Lakes Towers is a dynamic waterfront community development with residential and office towers alongside hotels, leisure and retail outlets. A total of 79 towers will be part of the project where investors can own on a freehold basis and businesses have free zone status. The towers are clustered in groups amid four man-made lakes covering an area of 255,000 square metres.
The MAG 214 building was completed in 29 months and all 306 one, two and three bedroom apartments and a four bedroom duplex penthouse were sold out a year before completion. The building includes 25 retail units, landscaped gardens, an extensive swimming pool, lakeside promenade and health club.
MAG developments are at various stages in the building cycle across the residential, commercial and industrial spectrum in a property portfolio in excess of AED3 billion ($817 million). The company is a regional industry leader in establishing business ethics embracing sustainability and communicating transparently.
On the completion of the MAG 214 tower, Mohammed Nimer, CEO of MAG Group Property Development, said: “We are not the kind of company that makes outlandish claims, like the highest, the biggest or the most expensive. Quite simply, we excel in designing, finishing and customer satisfaction and focus on delivering our promises.”
About the MAG Group
The Dubai-based Moafaq Al Gaddah Group of Companies (the MAG Group) was established in 1978 and has grown into a multinational organisation with 18 offices in eight countries throughout Europe, the Middle East and Asia.
In the last five years the MAG Group Properties has invested in 12 properties at various stages of development across the residential, commercial and industrial sectors. The company focuses on projects that provide long-term benefits to investors and customers.