Handover of MAG Properties' Dh450-million MAG 218 tower in Dubai Marina has begun, according to a top official of the company.
Mohammed Nimer, CEO, MAG Group Property Development, said: "We have maintained a consistent vision, communicating transparently. We have stood by our strategy through thick and thin, which has underscored our commitment to our customers and our confidence in delivering our promise."
According to its developer, almost 90 per cent of MAG 218 tower, comprising 555 residential apartments, was sold out within months of its 2006 launch, with many investors initially paying an average of Dh750,000 to Dh850,000 for a one-bedroom apartment. Today, despite falling prices over the past two years, the apartments have still appreciated, on average by at least 10 per cent. Further, competitive rental returns can be achieved due to a more realistic original selling price," said Nimer.