Transemirates to build MAG Tower

Published: 20/5/2005, 07:08 (UAE) By Saifur Rahman, Staff Reporter

Dubai :
Dubai-based property developers Moafaq Al Gaddah (MAG) Group PDD has awarded the main contract to build its MAG 214 Tower to Transemirates Contracting, a Dubai-based construction company.

"This is one of our contracts as far as the construction of freehold properties is concerned," Mohammad Nimer, director of the group, told Gulf News yesterday.

The building will be part of the Jumeirah Lake Towers complex, developed by Nakheel, a Dubai-based property developer.

Seventy-eight towers are being built at the complex in Dubai.

The Group did not disclose the value of the contract, but the project is expected to cost more than Dh200 million.

MAG Group has lined up seven new projects, including residential buildings, commercial towers and logistics facilities.

In March, it started offering units of MAG 218 Tower, a 66-floor freehold residential building at Dubai Marina. The tower is valued at more than Dh350 million.

Dar Al Handasah, who designed the project, has been appointed the designer and supervisor to oversee the smooth construction of the project.

Asteco has been appointed the sales and marketing agent of the project, while Amlak will support buyers with mortgage finance.

"We are also closely working with Dar Al Handasah on MAG 218 Tower. Currently, they are finalising the detailed design, which will go on tendering in August. It could be an open tender," Nimer said.

"Construction will take about two and a half years to complete," he added.

MAG Group is also rolling out two towers at the Dubai International Financial Centre, MAG 224 tower near Khan lake in Sharjah, an office building in Naif-Mussallah area in downtown Dubai, MAG 222 in The Palm, Jebel Ali, and MAG 220 in Dubailand's City of Arabia.

The two towers at the Dubai International Financial Centre will be worth more than Dh400 million.

"The overall value of our development would be in excess of Dh1.5 billion," Nimer said.
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Asteco is set to present model for MAG218 - UAE

Khaleej Times - 30/04/2005

DUBAI — Asteco, real estate and property management company will present a model for the MAG218 project, the 55-storey tower with 550-apartments to be built within the Dubai Marina on April 30 and May 1 at its head office in Capricorn Tower, Shaikh Zayed Road.


The potential buyers of apartments at the MAG218 project are invited for a viewing of what the new tower will look like. MAG218 will have one and two-bedroom apartments, swimming pool , a fully-equipped gym and a community area.

Asteco consultants will be available to introduce the new project, which takes its name from the 27-year-old Moafaq Gaddah Group (MAG) and buyers can visit from 10 am to 8 pm on both days. MAG Group of Companies is a multinational trading company with 18 offices in eight countries in Europe, the Middle East and Asia. Elaine Jones, managing director, Asteco, said: "MAG 218 is designed for those looking for contemporary style, functionality and a convenient home base within walking distance of business hubs such as the Internet and Media Cities, and Dubai Knowledge Village. We have already seen an encouraging response to the project thanks to its competitive prices, and there are attractive finance options from AMLAK.'' MAG218 will be completed by the first quarter of 2008, and the consultancy Dar Al Handash is already working on the building's design plans. MAG Group's, MAG214 in Jumeirah Lake Towers, Dubai, is the group's first tower project.

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