Asteco wins contract to manage prestigious JLT project

Due for completion by October 2007, the MAG 214 Tower is a freehold residential development.
"We have seen an increase in demand for premium residential apartments in Dubai. Although many projects are being announced, residents are always on the lookout for developments that guarantee optimum quality, ambience, room sizes and facilities," said John Stevens, Director of Property Management, Asteco.

"With a substantial investment made by developers, MAG 214 will address all these concerns with the added advantage of its strategic location at Jumeirah Lake Towers and delivery of units before the year end," he added.

Asteco has been actively involved with the project since its inception assisting in the preparation of the Building Association's rules and regulations. As part of its one-year management contract, Asteco will provide a comprehensive package of services to manage all common areas of the property and help in setting up of the co-owners' committee.

Asteco's management services range from the upkeep and upgrading of facilities such as the swimming pool and gardens and includes collection of service charges.

Mohammed Nimer, CEO of MAG Group's Property Development Department, said: "We have successfully partnered with Asteco and their strong experience in the region's property market is one of the reasons why we have chosen to have them on board with us on this prestigious project."

Towering above Jumeirah Lakes, the 40-floor MAG 214 Tower brings the leading edge of contemporary design to one of Dubai's most sought after residential developments. Developed by the MAG Group's Property Development Department, the project features 158 one-bedroom, 128 two-bedroom, 20 three-bedroom apartments and one duplex penthouse.

The MAG 214 Tower offers 24-hour security, high speed internet access, three floors of secure underground parking and two retail areas for the convenience of residents. Recreational facilities include a swimming pool, fully equipped health club with a sauna and jacuzzi, children's club with play area and babysitting services, restaurants, a landscaped leisure area and walking boulevard.

Each apartment benefits from panoramic floor-to-ceiling windows, all bedrooms have attached bathrooms and the European, open-style kitchens are furnished with granite countertops and natural wood cabinets.

The MAG 214 Tower is located within 15 minutes of key locations such as Dubai Internet City, The Palm Jumeirah, Jebel Ali Free Zone, Mall of the Emirates, Burj Al Arab and the Jebel Ali Airport to name a few.

Khatib and Alami are the project consultants, and contractors include Transemirates Contracting as main contractor, Al Hani for electrical & plumbing works, M.A.G. International for HVAC works and Otis for the elevators.

MAG Group Property Development Department (MAG Group PDD) is a member of the Moafaq Al Gaddah (MAG) Group of Companies which was established in the UAE in 1978. Today, it is a multinational organisation with 18 offices in eight countries throughout Europe, the Middle East and Asia.

In the past five years, the MAG Group has entered into the real estate development market and has invested in 12 properties at various stages of development across the residential, commercial and industrial sectors.

Founded in Dubai in 1985, Asteco is the UAE's largest property services company. Its services include retail, commercial and residential sales and leasing; strategic consultancy; property management and marketing; feasibility studies and valuations; and research and investment.