A residential tower at Dubai Marina, MAG 218, that cost around AED450 million to build has now been completed and is ready for occupancy. This tower has a total of 66 floors that house 555 apartments. MAG Group handed over these ready to occupy towers on May 15th at the official opening ceremony.

MAG Group CEO, Mohammed Nimer, said that the company has maintained consistent focus on its vision and has been transparent in communicating with its clients at every phase of the project. He went on to say that they weathered the tough times successfully and have been able to successfully deliver their promise to the customers.

Just months after its launch in 2006, over 90% of the apartments in this tower were sold out. The investors, at that time, had paid about AED850000 for a single bedroom apartment. Despite that fall in the economy a couple of years ago, the value of these apartments have increased by at 10%. People who have made investments early on can reap good profits even if they sell at the current market price.

The strategic pricing by the MAG Group has ensured that most of the people who have invested in their property are young professionals who are not intent on cancelling the investments they have made.

The service fees, which are at the rate of about AED10 per annum per square foot, is also the most competitive in the current market scenario.