UAE-based Mag Lifestyle Development (Mag LD) has awarded Intermass Engineering and Contracting an AED 155 million ($42.2 million) construction contract to build its MAG 318 Residential Tower in Dubai Business Bay.

As per the new contract, Sharjah-based Intermass will be the main contractor on the MAG 318 project, whose construction works will begin as soon as the Dutch Foundation completes its piling and shoring works.

“We are pleased with the strong progress displayed at MAG 318,” commented Talal Moafaq Al Gaddah, chief executive officer of Mag LD.

MAG 318 comprises a total of 439 residential units, including studios, one-, and two-bedroom apartments, all of which have private balconies offering views of the Dubai Water Canal and Downtown Dubai, the company revealed in a statement.

The project was unveiled during Cityscape 2018 in Dubai, which took place earlier in October, the UAE developer said, adding that the Mag 318 was projected to be on pace for Dubai Expo 2020,.

-Mubasher