MAG Property Development (MAG PD), the property development arm of MAG Group Holding, said it has appointed China National Chemical Engineering Group Co. Ltd. (CNCEC) for the construction of the first phase of its mega project MAG City.
The contract, worth $500 million, was awarded during a signing ceremony held at CNCEC’s headquarters in Bejing, China that was attended by chairman of CNCEC Dai Hegen and chairman and founder of MAG Group Holding and MAGLD Moafaq Al Gaddah, according to a press release.
Additionally, a letter of intent was also signed for the construction of the remaining phases of the project for AED 1.38 billion, the release noted.
Located in Mohammed Bin Rashid Al Maktoum City Meydan District 7, MAG City features 5,100 units comprising studios, one and two-bedroom apartments, as well as units comprising two- three- and four-bedroom townhouses.
The new development is located in close proximity to Dubai International Airport, Downtown Dubai, Dubai International Financial Centre (DIFC), and Dubai Creek Harbour.
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,” he added.
For his part, 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.”
It is worth noting that residents of MAG City will enjoy 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,” the release highlighted.