Dubai-based MAG Lifestyle Development has awarded the Dhs155m ($42.1m) main contract for its MAG 318 development in Business Bay to Intermass Engineering & Contracting LLC.
The company will start working on the Dhs550m ($149.7m) residential tower after Dutch Foundation & Concrete Processing Co completes shoring and piling works.
MAG 318 includes 439 apartments, a swimming pool, outdoor leisure facilities, children’s area, social activities centre, coffee shop and 18,000sqft of retail space.
“We are pleased with the strong progress displayed at MAG 318. MAG LD emphasises resident satisfaction with every project, appointing the best contractors and working with premium partners to deliver upon our promise of a customer-centric approach that urges residents to expect more,” said MAG LD CEO Talal Moafaq Al Gaddah.
MAG said 75 per cent of the units had been sold and it was on track for completion for the second quarter of 2020.
The company said in June it was planning two Jumeirah Village Circle projects worth Dhs300m ($81.6m).