MAG, a real estate developer based in the United Arab Emirates (UAE), has acquired a new plot to develop a luxury residential project in Downtown Dubai, UAE.
The company has acquired this land at approximately Dh350m ($95.27m).
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MAG will build this new residential project under its real estate and hospitality brand ‘Keturah’.
The new development, called Keturah Downtown, is set to be completed in the fourth quarter (Q4) of 2027, adding to Dubai’s landscape of luxury living spaces.
In a report, Trade Arabia cited a top official as saying that the latest announcement builds on the success of MAG’s Keturah brand in its Keturah Reserve and Keturah Resort projects.
MAG Lifestyle Development senior executive vice-chair Talal Moafaq Al Gaddah said: “This [project] validates the dynamism of Dubai’s real estate sector and the heightened demand for strategic plots to cater to the influx of investors and buyers.
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By GlobalData“We are thrilled to acquire this plot to create another distinctive development under the Keturah brand, strategically positioned in one of the emirate’s best locations, Dubai Downtown.”
In August last year, MAG Group announced granting a contract to construction contractor Plus Seven for developing a luxury townhouse community at Mohammed Bin Rashid City in Meydan, also in Dubai.
