MAG Lifestyle Development (MAG LD) will hand out $653m (AED2.4bn) worth of contracts this year to increase its share of Dubai's property market.
Fresh after launching two new multi-million dollar residential tower projects located in Dubai's Jumeirah Village Circle (JVC), the chief executive officer of MAG LD, Talal Al Gaddah, told Construction Week that contractors should brace themselves for a flurry of contract tenders and awards in 2018.
He did not specify the type, quantity, or individual value of the contracts set to be handed out, but the majority of them will be for residential projects in Dubai.
So far this year, MAG LD has issued $375m (AED1.3bn) worth of contracts for a range of projects in the UAE's most populous emirate.
General Contracting won an $82m (AED300m) agreement to build the MAG 230 residential project in Dubai, and Dutch Foundation was appointed as the enabling contractor for MAG 318 in Dubai’s Business Bay.
MAG has also issued an issued an infrastructure tender for MAG Eye, a $1.2bn (AED4.7bn) master-planned community development in Mohammed Bin Rashid City Meydan District 7. This project is scheduled for delivery in Q3 2020.
While MAG LD plans to issue numerous contracts for building projects in locations such as Business Bay and JVC this year, it is not the developer's main focus; the next two years are all about project delivery.
"We are going to do a huge amount of delivery in the next two years," said Gaddah.
All of MAG's projects sold between 2013 and 2015 will be delivered in the next two years. In total, the developer expects to hand over 1,464 units for MAG 5 Boulevard and MAG 5 Dubai South in 2018-19.
"Phase 1 will be delivered in Q3 2018 for MAG 5 Boulevard, and Phase 2 for MAG 5 Dubai South will be delivered in Q2 2019," Gaddah added.