MAG 218 Tower Growing on Schedule in Dubai

Residential News » Residential Real Estate Edition | By Alma Kadragic | December 1, 2008 8:37 PM ET

(DUBAI, UAE) - Among the slowdowns and cutbacks in Dubai real estate, it's important to remember that some developments are continuing on schedule. One example is the MAG 218 residential tower in Dubai Marina that is now 75 percent complete having reached the 45th floor and on track to open in December 2009.

MAG 218 will have 555 apartments on 66 floors and is being built at a cost of almost $123 million. It was 95 percent sold shortly after its launch last year and was designed for Dubai's middle income market.

Owners have been checking out apartments in MAG 218 since June. Mohammed Nimer, CEO of MAG Group Property Development, said, "we opened the full-floor show-apartments to allow owners to view the quality of finish, 18 months ahead of the handover. That underscored our commitment to our customers and our confidence in delivering our promise."

The tower includes below and above ground parking, BBQ area, swimming pool and jacuzzi, gym, ballroom, TV room and an outdoor terrace. At the top are five floors with a full glass exterior offering panoramic views of the Marina, Palm Jumeirah, and beyond.    

Dubai-based Moafaq Al Gaddah Group of Companies (the MAG Group) was established in 1978 and today has 18 offices throughout Europe, the Middle East and Asia.

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