MAG to invest $213m Switzerland project

The article was first published by MEED’s sister site Investment Monitor

by Sarthak Agarwal

UAE-based real estate developer MAG Property Development has announced plans to invest $212.62m (AED781m) to develop a new residential project in Stabio, Switzerland.

To be built in partnership with A++ Group, a Swiss real estate design and development company, the project, named Stabio Garden Living by Keturah, is expected to be completed by 2026.

MAG’s Stabio Garden Living by Keturah will incorporate 180 units across 14 buildings that will feature various amenities, including a fitness area, a kids’ play area, a co-working space, and a bicycle storage space.

The project will have a Minergie construction certification, the Swiss building standard for comfort, efficiency, and value preservation.

According to Talal Moafaq Al Gaddah, CEO of MAG Property Development (MAG PD), “We are pleased to take the Keturah brand internationally to Switzerland with the launch of a new project in partnership with A++ Group. We are merging our extensive experience in engineering and real estate with the group’s excellence in design and development and are confident that this collaboration will yield remarkable results and innovative solutions to elevate the lifestyle of residents and redefine the real estate sector globally.”

This latest project follows the successful launch of several other developments under the Keturah brand in Dubai, including ‘The Ritz-Carlton Residences, Dubai, Creekside‘, Keturah Resort, Keturah Reserve, and the upcoming Keturah Downtown developments.

According to GlobalData, between 2019 and 2022, the construction and real estate sector was the eighth-largest FDI sector in terms of the number of greenfield investments. The construction and real estate sector accounted for 5.2% of global greenfield FDI projects.

Established in 2003, MAG Property Development is part of the Moafaq Ahmad Al Gaddah (MAG) Group, a multinational conglomerate based in the UAE. Founded in 1978, MAG Group employs more than 2000 personnel worldwide in more than 50 companies and branches.