UAE-based MAG Property Development (MAG PD) has set up a new division, MAG of Life, that will help enhance the UAE's quality of life through innovative wellness concept.

MAG PD, the real estate development arm of UAE-based MAG Group, said it has identified the importance of health and well-being in the homes we live in, and plans to incorporate these principals into a new product offering of residential homes in the UAE.

According to MAG PD analysis, the global growth of the health and wellness market within the consumer healthcare segment is set to hit $502 billion and is forecast to grow over the next five years.

The new unit, MAG of Life, will focus on space, air, light and ergonomics in the built environment, said the company in a statement.

These are essential elements towards improving quality of life, and will be applied to a emerging sector which MAG has identified as the future of residential property, it stated.

MAG PD chief executive Talal M Al Gaddah said: "This is the future. We are already committed to providing the market with quality and good value homes that achieve a 10 per cent yield for investors. Now we are raising the bar and are aiming to provide homes which enhance health and well-being."

"This is a new prospect for our company, and we will deliver innovative projects through a whole new way of thinking for the property market which presents a new construction category for the region," he noted.

The MAG strategy, he stated, comes in response to increased consumer focus on health and wellness, with due consideration paid to the fact that people spend up to 90 per cent of their time in their homes.

The launch of MAG of Life makes the company the first mover in the health and wellness construction sector.

The MAG of Life division will be committed to creating awareness and educating people on the deficiencies in their homes which can impact their health and well-being. MAG PD will work with all parties to improve the health and wellness of people across the region, said Al Gaddah.

"Through MAG of Life we are tapping into a whole new market and developing the homes of the future for consumers. We will primarily focus on functionality and well-being, which we will combine with our world class design," he observed.

Al Gaddah revealed that it was working on its debut wellness project and the project details will be announced by the end of 2016.

The company plans to implement a health and wellness programme in partnership with a world-class organisation that has invested over six years of research into the development of solutions.-TradeArabia News Service