Infrastructure tender issued for $1.2bn MAG Eye in Dubai
Dubai's $1.2bn (AED4.7bn) MAG Eye community will be delivered in Q3 2020
MAG Lifestyle Development (MAG LD) has issued an infrastructure tender for MAG Eye, chief executive officer, Talal Al Gaddah, told Construction Week.
MAG Eye is a $1.2bn (AED4.7bn) master-planned mixed-use community development in Mohammed Bin Rashid City Meydan District 7 scheduled for delivery in Q3 2020.
The project features 4,061 studios or one-bedroom apartments, and 536 three or four-bedroom townhouses.
Shared amenities include a sports clubs, separate swimming pools for adults and children, a women-only lounge, indoor play area, and a coffee shop.
It has 4,800m² of public service facilities, including a clinic, nursery, mosque, and 5,000m² of retail space.
In MAG LD’s ongoing mission to deliver lifestyle-orientated residential projects in Dubai, MAG Eye also has 8.4ha of parks and green spaces with a jogging and bicycle track for fitness enthusiasts.
Opaal has already been appointed as the interior design consultant. VX Studio has been named the peer review consultant for MAG Eye.
Gaddah told Construction Week the developer wanted to award the contract to a “high quality infrastructure partner who can help us bring the project to fruition in line with our promise to exceed customer expectations”.
MAG LD has already started selling MAG Eye units. On this, Gaddah said: “We have already witnessed strong investor interest driven by MAG Eye’s strategic location, unique features, and attractive payment plan, which we expect to drive further demand as the project progresses.”
The payment plan for MAG Eye allows investors and prospective residents to pay 35% for the initial 18 months, and the remaining 65% upon completion.
MAG Eye studio costs starts at approximately $133,000 (AED490,000). Future residents and or investors will pay $258 (AED950) per square foot for a townhouse, and $272 (AED1,000) per square foot for an apartment.
MAG LD launched its plan for MAG Eye in December 2017, and the project is the only fully-gated community one in Meydan District 7, according to the developer.