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.

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.

Source: www.constructionweekonline.com