Commenting on the handover, Mohammed Nimer, CEO of MAG Group Property Development, said: “We have maintained a consistent vision, communicating transparently. We have stood by our strategy through thick and thin which has underscored our commitment to our customers and our confidence in delivering our promise.”

Almost 90% of MAG 218 tower was sold out within months of its 2006 launch, with many investors initially paying an average of AED750,000 – 850,000 for a one-bedroom apartment. Today, despite falling prices over the past two years, the apartments have still appreciated, on average by at least 10%. Indeed competitive rental returns can be achieved due to the realistic original selling price.

Due to MAG Group’s strategic pricing, more than 70% of the owners are end users clearly keeping speculators at bay. The typical profile of residents consists of young professionals in their early thirties and to date MAG Group has not received any cancellations whatsoever.

“So far we have not received any notices’ of cancellation, which in the current climate is quite remarkable. However it does highlight the sustainable demand for quality mid-priced accommodation,” said Nimer.

In terms of service fees, again through MAGme the property management arm of MAG Group, rates are very competitive at less than AED10 per square foot per annum.

“This which compares favourably with other developments in the vicinity,” said Nimer.

Full-floor show-apartments located on the first floor of the MAG 218 Tower were opened in June 2008, so that owners could check out the quality of the interior finish, plus other interior fittings such as lights, built-in kitchen units & white goods, wardrobes and bathroom fixtures.

“Frequent online photo-updates were also posted on to the MAG Group website to further reassure overseas investors,” added Nimer.

The tower, which comprises 333 one-bedroom apartments and 222 two-bedroom apartments and six retail outlets, comes complete with 572 covered car parking spaces and an outdoor Olympic sized swimming pool. The top five floors feature a full glass exterior, which afford spectacular panoramic views of the Marina, Palm Jumeirah and beyond.

A dedicated recreational facilities and community floor houses a state-of-the-art gym, event and dining hall, TV room and an outdoor terrace.

The residential tower is strategically located close to all of the facilities in Dubai Marina and only five minutes’ walk from Dubai’s Internet City and Media City. The tower also forms an integral part of MAG Group’s development strategy to construct competitively priced buildings aimed at the mid-range market and appealing to Dubai’s middle income families.

Imre Solt

Dubai Courts have now decided the agreement between Oakley and ACI for one of the units is void because the unit was never registered with the Dubai Land Department. ACI was ordered to pay back his Dh569,585 plus a 5 per cent interest rate from the day he started the court proceedings. The other unit was registered with the Land Department and was therefore protected by the law, but Mr. Oakley said he would continue the fight to claim back his remaining Dh695,000.

“It’s like throwing good money after bad, but having two units makes it worthwhile,” he said.

Mr. Oakley’s investment for the other unit remains in an escrow account, and cannot, according to the law, be paid back unless the project is officially cancelled by Dubai’s Real Estate Regulatory (RERA). This law also states that the money must be used to fund construction, but this also means, according to some lawyers, that developers might not have the money to refund investments if court orders are issued.

“We are very proud to be managing this landmark property. The Rose Rayhaan by Rotana team, headed by General Manager Daniel Mathew, has been working hand in hand with the Rotana Corporate Office to ensure all areas of the opening are perfected for the operation of this scenic property.”

The 72-floor hotel is located on Shaikh Zayed Road in the heart of Dubai and soars 333 metres in the air. It will offer 481 rooms, suites and penthouses with modern designs complementing the values of Arabian culture. Each of the rooms, suites and penthouses will have their own kitchenette, high-speed internet connection and a variety of amenities and facilities. There will also be 8 meeting room with state-of-the-art technology, as well as facilities such as fitness centre, outdoor swimming pool, sauna and steam rooms.

“This deal has furthered the vision we have at ACI Real Estate, which is to bring world class luxury living to Dubai. The Ferretti Group has been a leading luxury brand for decades now. We at ACI Real Estate want to blend Ferretti’s expertise into our real estate projects and provide our customers with the best of both worlds”, said Robin Lohmann, Managing Director of ACI Real Estate.

Vincenzo Cannatelli, CEO of Ferretti S.p.A., added: “The whole world is coming to Dubai and at ACI Real Estate we have found our match. This strategic venture is a result of mutual professional admiration and recognition of our common values.”

The Ferretti Group is globally renowned for its luxurious, high performance yachts. This unique partnership is another example of ACI Real Estate creating a unique concept to add tangible and intangible value to its offerings. The result in this case is a convergence of prime real estate with a world famous luxury brand to fashion an out of this world living experience.

The twin tower Ferretti Luxury Beach Residence and Pershing Luxury Beach Residence are, quite simply, unique. With landscaped gardens amidst canal and sea views, the property offers the latest amenities such as pool, fitness center, sauna and Jacuzzi, and a little something else: eight luxury yachts per brand will be available for residents to charter at preferential rates. These yachts will be purchased by ACI Group. The twin tower Ferretti Luxury Beach Residence will have over 44 floors each, while the Pershing Luxury Beach Residence will have over 41 floors, along with individual retail units at the ground floor of each tower. Ferretti Yachts and Pershing Yachts designers are proposed to design common areas of the towers, lending them their signature touch of elegance and sophistication.

Robin Lohmann, Managing Director of ACI Real Estate further added, “With the Ferretti Group, we will develop an innovative concept: a waterfront project with one of the world’s most exclusive yacht brands, offering something different, something extra for those who demand only the best. That’s the ACI Real Estate advantage.”

The project is slated for completion by 2011.