Dubai: MAG wants only end-users for its luxury projects – including Dh177m Ritz-Carlton mansions

Dubai: MAG wants only end-users for its luxury projects – including Dh177m Ritz-Carlton mansions

Dubai: Dubai-based developer MAG is raising the cost of construction on its latest super-luxury projects with one goal in mind - the buyers should be end-users. What MAG and its Executive Chairman, Talal Moafaq Al Gaddah, doesn’t want at any cost is investors picking up these homes - which include Dh177 million Ritz-Carlton mansions on Dubai Creek - and leaving it empty. “Dubai is opening the doors for the world’s billionaires, millionaires and others to come here and make the city their home,” said Al Gaddah. “As a developer, our role is to make sure what we build are what these buyers want. “I don’t think building two multi-billion projects at the same time in Dubai is adding to my risk. Because we find buyers from abroad wanting to come here, live here. We have cleared most of the offplan/ready home stock - and we need to build more. Right now. “I don’t want to be one of those developers you see waiting until they collect 70-80 per cent of their offplan payments and then start on the construction. And if they don’t get those funds, press delete on the project or delay it. “No, MAG will start building our