Mag Lifestyle Development (Mag LD) has awarded Intermass Engineering & Contracting a construction package worth $42m (AED155m) to build a high-end tower in Dubai's Business Bay.

Sharjah-based Intermass will be the main construction contractor for the Mag 318 residential project, for which construction will start imminently after geotechnical firm Dutch Foundation completed its scope for shoring and piling work.

Mag 318 boasts a total of 439 residential units, available in studios, one-, and two-bedroom apartments, all of which have private balconies offering views of the Dubai Water Canal and Downtown Dubai.

READ: Mag LD to award $653m worth of UAE contracts in 2018

Located a short walk away from the Dubai Fountain and the new Dubai Mall extension, Mag 318 is a mixed-use development that will have its own coffee shop in addition to more than 1,600m² of leasable retail space.

It is expected to be finished during the second quarter of 2020 ahead of Expo 2020 Dubai, which opens its doors in October. 

“We are pleased with the strong progress displayed at Mag 318,” said Talal Moafaq Al Gaddah, chief executive officer of Mag LD.

The son of Mag Group founder Moafaq Ahmed Al Gaddah said the company would only work with “the best contractors” as it continues to build numerous residential projects in the UAE.