Dubai-based multinational MAG Group Property Development unveiled details of four new office and residential buildings, with combined worth AED 500 million, taking their property portfolio to over AED 3 billion. The announcement was made at Cityscape.
Current developments are at various stages in the building cycle across the residential, commercial and industrial spectrum. Moreover, the company has now emerged as a regional industry leader in establishing business ethics embracing sustainability and communicating transparently.
According to Mohammed Nimer, CEO, MAG Group Property Development, “We have always operated in an environment of absolute transparency, our business ethics are beyond reproach. We were operating Escrow accounts long before the Dubai Government introduced Law number 8 and we hold ownership certificates for any land that we are developing.”
MAG’s projects are specifically aimed at the ‘mid-range’ market, which appeal to Dubai’s burgeoning middle-income families. In terms of commercial space, MAG’s ‘value for money’ offerings have already attracted small to medium size businesses (SMEs).
The latest MAG projects launched include the AED 300 million, 27-floor Matex office building strategically located at Business Bay overlooking the Burj Dubai Boulevard; the 23-floor MAG 226 residential building in booming Jumeirah Village valued at AED 115 million; and MAG 228A and 228B in phase three of International City with a combined development cost of AED 100 million and consisting of two L-shape buildings of nine floors each. All of these projects will be completed by the end of 2009.
From the outset, MAG has sought to reassure potential buyers by introducing guarantees, or as they are more commonly referred to as Escrow accounts. These accounts are held independently of the developer, and the funds are not released until the project is complete and the purchaser has taken possession. This protects the buyer and guarantees that the developer has the necessary funding in place to complete the project, without relying on off-plan sales to raise capital.
The new law also stipulates that development companies active in Dubai must be registered with the newly formed industry watchdog Real Estate Regulatory Agency (RERA). Furthermore, any land due for development in Dubai must be registered with RERA and a certificate of ownership produced.
“It is through our ‘open’ policy that we have managed to reassure investors and purchasers alike, and this has enabled us to grow our property development portfolio in the UAE, which is now worth over AED 3 billion in just three years,” added Nimer.
“We are not going to make any outlandish claims, like the highest ceilings, the biggest bathrooms, or the most expensive fountains. We excel in design, finishing and customer satisfaction. We focus on the delivery of our promise,” concluded Nimer.
