China's CNCEC wins construction contract for Dubai's Mag City
Chinese government-backed contractor confirmed as contractor for Mag City, Phase 1 of Mag Eye homes in Meydan
UAE real estate developer Mag Property Development has awarded a contract to China National Chemical Engineering Group (CNCEC) – which according to its website is directly managed by China’s State-owned Assets Supervision and Administration Commission (Sasac) – for the construction of its Mag City project, which marks Phase 1 of its Mag Eye development in Dubai’s Mohammed Bin Rashid City (MBR City) in Meydan District 7.
The contract award was announced on sister company Mag Lifestyle Development’s Instagram page.
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Mag Property Development is pleased to announce the appointment of China National Chemical Engineering Group CNCEC for the construction of #MAGCITY يسرنا في #ماج للتطوير ان نعلن عن الشراكة مع مجموعة شركات الصين الوطنية للهندسة الكيميائية للبدء بأعمال البناء والتطوير في مشروع #ماج_سيتي
According to a March 2019 report by Construction Week’s sister title Arabian Business, Mag Lifestyle Development recorded sales worth $27.2m (AED100m) at the launch of Mag City.
The rollout included 400 units for sale within the gated residential community.
In a sponsored article shared with Arabian Business this July, the developer said it had “put a lot of thought to reimagine the dedicated space for Mag City”, which features studios; one-bedroom apartments; and two- to four-bedroom townhouses.
The Sasac-managed corporation was set up in 1953, and registered as China National Chemical Engineering Corporation in 1984, before being renamed to its current form in 2005.