Dubai-based MAG Group Property Development said its Dh450 million ($122.5 million) residential tower, comprising 555 apartments spread over 66 floors, was now complete and ready for handover.

The company announcement comes following the official opening ceremony held on Saturday to mark the launch of 'The MAG 218 residential tower.'

This latest completion comes after the successful delivery of more than 300 apartments at the 43-storey MAG 214 tower in Jumeirah Lakes Towers on Dubai's Sheikh Zayed Road in 2008.

Commenting on the handover, Mohammed Nimer, CEO of MAG Group Property Development, said: “We have maintained a consistent vision, communicating transparently. We have stood by our strategy through thick and thin which has underscored our commitment to our customers and our confidence in delivering our promise.”

"Almost 90 per cent of MAG 218 tower was sold out within months of its 2006 launch, with many investors initially paying an average of Dh750,000 – 850,000 for a one-bedroom apartment."

"Today, despite falling prices over the past two years, the apartments have still appreciated, on average by at least 10 per cent. Indeed competitive rental returns can be achieved due to the realistic original selling price," Nimer noted.

Due to MAG Group’s strategic pricing, more than 70 per cent of the owners are end users clearly keeping speculators at bay. The typical profile of residents consists of young professionals in their early thirties and to date MAG Group has not received any cancellations whatsoever.

“So far we have not received any notices’ of cancellation, which in the current climate is quite remarkable. However it does highlight the sustainable demand for quality mid-priced accommodation,” said Nimer. 

In terms of service fees, again through MAGme the property management arm of MAG Group, rates are very competitive at less than Dh10 per square foot per annum.

"Full-floor show-apartments located on the first floor of the MAG 218 Tower were opened in June 2008, so that owners could check out the quality of the interior finish, plus other interior fittings such as lights, built-in kitchen units & white goods, wardrobes and bathroom fixtures," Nimer explained.

“Frequent online photo-updates were also posted on to the MAG Group website to further reassure overseas investors,” he added. 

The tower, which comprises 333 one-bedroom apartments and 222 two-bedroom apartments and six retail outlets, comes complete with 572 covered car parking spaces and an outdoor Olympic sized swimming pool.

The top five floors feature a full glass exterior, which afford spectacular panoramic views of the Marina, Palm Jumeirah and beyond.   

A dedicated recreational facilities and community floor houses a state-of-the-art gym, event and dining hall, TV room and an outdoor terrace.

The residential tower is strategically located close to all of the facilities in Dubai Marina and only five minutes’ walk from Dubai’s Internet City and Media City. The tower also forms an integral part of MAG Group’s development strategy to construct competitively priced buildings aimed at the mid-range market and appealing to Dubai’s middle income families.

Other MAG Group developments are at various stages in the building cycle across the residential, commercial and industrial spectrum in a property portfolio in excess of Dh3 billion ($817 million). The company is a regional industry leader in establishing business ethics embracing sustainability and communicating transparently.-TradeArabia News Service