MAG Property Development Appoints China National Chemical Engineering Group for the Construction of Mag City Phase 1 in Meydan District 7
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.
MAG Property Development
MAG Lifestyle Development is part of the Moafaq Ahmad Al Gaddah (MAG) Group – a multinational conglomerate based in the UAE. With a 40 year old legacy, MAG Group is one of the largest corporations in the region, maintaining a highly prominent position of leadership among its peers, across the real estate, contracting, engineering, industrial and commercial trading, freight services, and hospitality sectors. Today MAG Lifestyle Development’s interests range from pioneering affordable housing initiatives and high-end luxury developments to bringing wellness-focused living to the UAE.
Buy credits to publish your articles on Al Bawaba Biz here