Tuesday, May 18, 2010

MAG218 tower ready for handover

The Dh.450mn worth MAG 218 residential tower, comprising 555 apartments in 66 storeys is ready for handover to residents, following the official opening ceremony on 15th May.

Speaking during the handover, Mohammed Nimer, CEO of MAG Property Development, mentioned that about 90 percent of MAG 218 tower was sold within months of its launch in 2006, with several investors initially paying an average of Dh.750,000 to Dh.850,000 for a single bedroom apartment. Today, despite the drop in prices during the past two years, the apartments have still appreciated by 10percent on an average. The competitive rental returns can be achieved due to realistic original selling price.

Pointing out to the positive side of the MAG group, Nimer said that the strategic pricing by MAG Group has kept more than 70percent of owners as end users, thereby keeping speculators at bay. There have been no cancellation notices so far received by the group. As for service fee, the property management arm of MAG Group, rates are more competitive at less than Dh.10per square foot per annum.

The MAG 218 tower comprises 333 single bedroom and 222 double bedroom apartments and six retail outlets, with complete 572 covered parking spaces, and an outdoor Olympic-sized swimming pool. The top-five floors feature a complete glass exterior, offering panoramic views of the Manama, the Palm, the Jumeirah and beyond.

The dedicated recreational facilities and community floors offer a modern gymnasium, dining hall and event, TV room and outdoor terrace.

The residential tower is strategically located close to all the facilities at Dubai Marina and, is only five minutes walk from Dubai Internet City and Media City. The tower is aimed at the mid-range market and is appealing to Dubai's mid-income families.

The latest completion follows handover of more than 300 apartments at the 43-storey MAG 214 tower in Jumeirah Lakes Towers on Dubai's Sheikh Zayed Road in 2008.


Arcus Properties said...

It demonstrates that there is a professional management to handle this project as it needs new strategies with the passage of time. It is affordable for all the families and also located in the most favorite place in Dubai.

Dubai Real Estate said...

It has been one of the most profitable buildings in Dubai. This project contain equal opportunities for every one with full of modern facilities. It located at almost centre of Dubai and investors are satisfied at there investment.

Money Management Directory said...

Luxurious residential tower suitable for single person, couple and small families. MAG 218 is a freehold residential tower of Dubai is located at the suitable place. This tower includes in the highest buildings of Dubai. It is looking very well. Every kind of families can come in this tower.