MAG unveils a new Dh2 billion luxury tower in Dubai Business Bay.

MAG unveils a new Dh2 billion luxury tower in Dubai Business Bay

Dubai Business Bay has welcomed its latest opulent skyscraper, a Dh2 billion project by MAG, known for its ‘Keturah’ brand. While MAG has previously focused on Keturah projects in the form of villas and mansions, this time they are venturing into high-rise living in the Business Bay area. These high-rise apartments will range in size from 600 square feet to 2,200 square feet.

MAG is embracing the ‘bio-living’ concept as the central theme for this new project, emphasizing the incorporation of natural elements wherever possible. The residences will feature open-plan layouts without the typical corridors or hallways, optimizing the flow within each apartment. Furthermore, the furniture and fixtures will be customized to suit each individual space.

Al Gaddah, speaking about the project, highlighted the increasing demand for luxury residences that prioritize the well-being of their occupants. The expected completion date for this project is in the third quarter of 2027, with property prices and sales launch set to occur later this year.

Over the past year, Business Bay apartment prices have seen a rise of 15-25%, depending on the exclusivity of the tower. Recent listings show that the average transaction price for a two-bedroom unit in Business Bay stands at Dh1.9 million in the last three months, while rentals average Dh145,000, according to Property Finder data.

Despite the emergence of upscale locations in Dubai, Business Bay and Dubai Marina have maintained their popularity. MAG’s choice of location for Keturah in Business Bay has attracted attention, and observers are eager to see the premium pricing strategy they will adopt for sales.

Business Bay has seen several off-plan launches recently, including Ginco Properties’ VYB project, with prices starting at Dh1.2 million and a projected completion date in September 2025. The agent noted that Business Bay offers various price points depending on the tower, making it appealing to a wide range of property investors in Dubai.

Publish Date: September 12, 2023


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