MAG Property Development is planning to build a three-tower cluster within Dubai’s Jumeirah Lakes Towers community.
The firm is showcasing the project at the Cityscape Global exhibition. Tariq Bsharat, the executive director of strategy and operations, said that the company hopes to be able to launch the project within the next six to nine months.
The cluster will border the Emirates Hills and Emirates Living communities and it is envisaged that the towers will each be about 40 storeys high, although Mr Bsharat said that the project remains subject to its plans meeting the necessary approvals. The towers will contain retail, hospitality and residential elements.
“We are excited about it,” he said. “It will be a premium to what is available in JLT. We feel there is a lot of opportunity to add to the offering in JLT.”
MAG Property Developments, part of the Syrian entrepreneur Moafaq Al Gaddah’s MAG Group, has already built the MAG 214 tower within JLT and also has a number of other, single-tower plots it plans to bring forward in the future.
Mr Bsharat said that MAG 214 had been well received by both clients and customers and that JLT offered a decent opportunity for investors as there is a price differential with Dubai Marina, which will reduce as the area matures.
“I think there is a certain image of JLT in a lot of people’s minds from five or six years ago, but for newcomers it seems to be one of their most-favoured places.
“The infrastructure has been put into place and the transition from lakes to parks really make it an integrated community with some great offerings. But I think the retail component can be greatly improved. That is where we think the value is.”
MAG Property Development is also set to launch the second phase of sales for its Mag 5 Boulevard joint venture within the Dubai South district at Cityscape.
“Right now, we are focusing on finalising our first phase clients and getting the contractor going. We envision a contractor being on site by November,” said Mr Bsharat.
Meanwhile, the Wasl Properties’ chief executive Hesham Al Qassim said that his company is planning to develop 24 new projects containing 10,400 new residential units on top of the Dh40 billion worth of freehold projects already announced through schemes such as Wasl Park 1, Wasl Gate and Nad Al Hammar Gardens.
Speaking at the Cityscape Global conference on Monday, he said that the recent slowdown in the market presented opportunities for those interested in buying property in Dubai.
“Always, when there is a correction in the market, it is the right time to buy. I think the correction will continue until 2016. In 2017, we will start to see growth.”
mfahy@thenational.ae
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