Perspectives on the MAG Group
Following are two articles that appeared in local media releases, one in November 2004 and the other in July 2005. They provide some insight into the origin and vision of the MAG Group. What should be of particular interest to investors in the MAG 218 project is how the company has expressed its vision and comittment ,
We start with the most recent of the articles, an interview which appeared in the Construction Week Newsletter:
MAG’s commitment to quality real estate
What are the origins of the MAG Group?
The company was originally founded in the UAE in 1978, dealing in car parts, batteries and tyres. Since then, it has expanded to cover three main sectors, namely residential, commercial and industrial. In the last four to five years, the MAG Group has entered the real estate development market and we now have 10 ongoing projects at various stages of development.
What are the projects that you are currently developing?
The three developments that have already been launched are MAG 214 in Jumeirah Lake Towers, which is a 40-storey development; and MAG 218 in Dubai Marina, which is 66 storeys high. The last one to have been launched was the new twin- tower development located at Dubai International Finance Centre (DIFC). We have already started construction on MAG 214 and we aim to hand it over to buyers by March 2007. We have also finished the concept design of MAG 218 and we are currently working on the detailed design of this latest development.
What other projects does the MAG Group have in the development pipeline?
We have one tower planned for Dubailand that will be situated in I&M Galadari’s City of Arabia. This will be the group’s fourth tower. For number five, we have a tower in Sharjah that will also be a residential tower called MAG 224. We also have one piece of development land at the Palm Jebel Ali on the crescent called MAG 222, which will be a building consisting of 17 floors.
How do you differentiate your company from the host of other developers that are all competing in the Dubai marketplace?
Our mission can really be summed up in just two words - commitment and quality. There are essentially two types of buyer in the market today: One of them wants to buy to invest, they will want to pay the minimum amount and so their first question will be ‘how much?’ The second kind of investor will want to look at the drawings, ask about the detailing, ask about the specifications - and these are our targets. We want to sell to people who know what they are buying, because this is how we can sell to them. It doesn’t matter what I show the first group of people; they will still remain focused solely on the price.
How do you deliver that in practice?
It is like buying a suit. When you buy a suit, you look at who the designer is. Buying an apartment is the same. But so many people that are buying apartments are not engineers. You can show them a plan that shows a 3.5 m x 3.0 m, and maybe it will mean nothing to them. But if it says 3.5 m x 3.0 m and it is a bedroom, it means that when you try to squeeze your double bed into the room you won’t be able to. That is why we don’t have any rooms that are smaller than 4 m x 4 m.
End
The second article like the first provides a glimpse into the philosophy of the MAG Group.
MAG Group to build tower in Dubailand
The property division at Dubai-based MAG Group has acquired a plot to develop a 45-storey residential tower in the City of Arabia zone at Dubailand.
Apart from the residential elements, City of Arabia - formerly known as Downtown Dubai - will encompass the Mall of Arabia, expected to be one of the world’s biggest, and a dinosaur-themed development.
At an estimated cost of Dh20 billion, Dubailand represents one of the most ambitious real estate projects in town, with multiple elements from theme parks to residential and hotel facilities.
“We are waiting for the masterplan of City of Arabia to be ready before we confirm our construction schedule for the residential tower,” said Mohammad Nimer, director at the property development department at MAG Group. “The 45-storey tower will feature about 450 apartments and, I believe, we should be ready to move by April or May.”
Meanwhile, MAG Group will shortly launch a 55-storey development at Dubai Marina. Featuring 534 units, the promoters expect an average sale price of Dh800 a square foot for the MAG 218 tower. Completion is set for the third quarter of 2007.
Another 40-storey development - MAG 214 - is under construction at Jumeirah Lake Towers. More than 75 per cent of the 312 apartments in it have been sold, with the average price pegged at Dh700 a square foot. It will be ready for occupation in the first quarter of 2007.
“In a market with multiple developers, we realise fully well that one has to be distinctive to connect with the buyer,” Nimer said.
“Apart from following all the contractual agreements with Nakheel, which is the promoter of Jumeirah Lake Towers, it is our mission statement to promise anything that cannot be delivered.
This is the best way to remain above the clutter of noises being made now about property development.
“MAG Group is only utilising class-A contractors in all of our projects.”
While the real estate division is about four years old, MAG (Moafaq Al Gaddah) Group has been active in the UAE since 1978.
It initially made its mark in the spare-parts industry before venturing into other sectors. It has 18 offices in eight countries, covering Europe, the Middle East and Africa.
On the property side, it will be launching a 55-storey tower, featuring 550 units, in Sharjah during the second half of 2005. The location is in the vicinity of Khan Lake.
End
Return to MAG 218 Community homepage.
Our mission can really be summed up in just two words - commitment and quality.
...MAG Group is only utilising class-A contractors in all of our projects.
We start with the most recent of the articles, an interview which appeared in the Construction Week Newsletter:
MAG’s commitment to quality real estate
What are the origins of the MAG Group?
The company was originally founded in the UAE in 1978, dealing in car parts, batteries and tyres. Since then, it has expanded to cover three main sectors, namely residential, commercial and industrial. In the last four to five years, the MAG Group has entered the real estate development market and we now have 10 ongoing projects at various stages of development.
What are the projects that you are currently developing?
The three developments that have already been launched are MAG 214 in Jumeirah Lake Towers, which is a 40-storey development; and MAG 218 in Dubai Marina, which is 66 storeys high. The last one to have been launched was the new twin- tower development located at Dubai International Finance Centre (DIFC). We have already started construction on MAG 214 and we aim to hand it over to buyers by March 2007. We have also finished the concept design of MAG 218 and we are currently working on the detailed design of this latest development.
What other projects does the MAG Group have in the development pipeline?
We have one tower planned for Dubailand that will be situated in I&M Galadari’s City of Arabia. This will be the group’s fourth tower. For number five, we have a tower in Sharjah that will also be a residential tower called MAG 224. We also have one piece of development land at the Palm Jebel Ali on the crescent called MAG 222, which will be a building consisting of 17 floors.
How do you differentiate your company from the host of other developers that are all competing in the Dubai marketplace?
Our mission can really be summed up in just two words - commitment and quality. There are essentially two types of buyer in the market today: One of them wants to buy to invest, they will want to pay the minimum amount and so their first question will be ‘how much?’ The second kind of investor will want to look at the drawings, ask about the detailing, ask about the specifications - and these are our targets. We want to sell to people who know what they are buying, because this is how we can sell to them. It doesn’t matter what I show the first group of people; they will still remain focused solely on the price.
How do you deliver that in practice?
It is like buying a suit. When you buy a suit, you look at who the designer is. Buying an apartment is the same. But so many people that are buying apartments are not engineers. You can show them a plan that shows a 3.5 m x 3.0 m, and maybe it will mean nothing to them. But if it says 3.5 m x 3.0 m and it is a bedroom, it means that when you try to squeeze your double bed into the room you won’t be able to. That is why we don’t have any rooms that are smaller than 4 m x 4 m.
End
The second article like the first provides a glimpse into the philosophy of the MAG Group.
MAG Group to build tower in Dubailand
The property division at Dubai-based MAG Group has acquired a plot to develop a 45-storey residential tower in the City of Arabia zone at Dubailand.
Apart from the residential elements, City of Arabia - formerly known as Downtown Dubai - will encompass the Mall of Arabia, expected to be one of the world’s biggest, and a dinosaur-themed development.
At an estimated cost of Dh20 billion, Dubailand represents one of the most ambitious real estate projects in town, with multiple elements from theme parks to residential and hotel facilities.
“We are waiting for the masterplan of City of Arabia to be ready before we confirm our construction schedule for the residential tower,” said Mohammad Nimer, director at the property development department at MAG Group. “The 45-storey tower will feature about 450 apartments and, I believe, we should be ready to move by April or May.”
Meanwhile, MAG Group will shortly launch a 55-storey development at Dubai Marina. Featuring 534 units, the promoters expect an average sale price of Dh800 a square foot for the MAG 218 tower. Completion is set for the third quarter of 2007.
Another 40-storey development - MAG 214 - is under construction at Jumeirah Lake Towers. More than 75 per cent of the 312 apartments in it have been sold, with the average price pegged at Dh700 a square foot. It will be ready for occupation in the first quarter of 2007.
“In a market with multiple developers, we realise fully well that one has to be distinctive to connect with the buyer,” Nimer said.
“Apart from following all the contractual agreements with Nakheel, which is the promoter of Jumeirah Lake Towers, it is our mission statement to promise anything that cannot be delivered.
This is the best way to remain above the clutter of noises being made now about property development.
“MAG Group is only utilising class-A contractors in all of our projects.”
While the real estate division is about four years old, MAG (Moafaq Al Gaddah) Group has been active in the UAE since 1978.
It initially made its mark in the spare-parts industry before venturing into other sectors. It has 18 offices in eight countries, covering Europe, the Middle East and Africa.
On the property side, it will be launching a 55-storey tower, featuring 550 units, in Sharjah during the second half of 2005. The location is in the vicinity of Khan Lake.
End
Return to MAG 218 Community homepage.
posted by B.D. at
Sunday, October 16, 2005
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