MAG Group Holding Launches Riviera Heights, First Phase of Jordan's Marsa Zayed Red Sea Beachfront Community
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ABU DHABI, United Arab Emirates — MAG Group Holding, the diversified, multinational real estate development company, officially launched Riviera Heights, the highly anticipated first luxury residential development in Marsa Zayed, Jordan's largest mixed-use beach front community.
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Riviera Heights is the first project in a plan to transform a 320-hectare section of Jordan's Red Sea coast into an international tourism and residential destination.
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Riviera Heights will consist of four, 35-story luxury apartment buildings, spread over 51,000 m 2, located on the southern edge of the Marsa Zayed development area. The development will include more than 1,250 seafront apartments.
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Moafaq A. Al Gaddah, Founder and Chairman of MAG Group Holding, said: 'Riviera Heights captures the true essence of Jordan—its warmth, heritage, and culture. We are breathing new life and economic vitality into Aqaba by creating vibrant spaces that foster genuine connection to its extraordinary Red Sea coastline. Together with AD Ports Group, our vision is to cultivate a destination with wide appeal to a wide range of discriminating travellers, where everyone feels a true sense of belonging.'
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Site works are now underway, and the handover completion of Riviera Heights construction is expected by Q1 2028.
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Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said: 'We welcome the launch of Riviera Heights, which marks the official beginning of construction in Marsa Zayed, the Red Sea's newest and most exciting tourism and residential development. Under the wise guidance of our leadership in the UAE, AD Ports Group and MAG Group Holding are making a strategic investment in Jordan's economy that will bring long-term jobs and economic growth to a region defined by its unique natural coastal beauty.'
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Riviera Heights lays the foundation for Marsa Zayed's vision of a vibrant, contemporary waterfront community. It will be built next to the Phase 1 development of Marsa Zayed, which will eventually span 1.2 km of Red Sea beachfront, and include a marina, a hotel, hotel apartments with a beach club, an Old Souq marketplace with 50 retail shops, a yacht club, and a visitor's centre.
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Globe and Mail
6 hours ago
- Globe and Mail
In a challenging market, a few brave developers push forward
The federal government last week made good on its promise to give first-time home buyers a break on the GST on new homes – a move the industry hopes is just one of many lifelines they'll be thrown. Across the country, thousands of completed homes are sitting unsold, and the industry is hoping the GST break will get sales moving. Rennie Marketing Systems has forecasted nearly 3,500 unsold units will sit on the Vancouver area market by year's end. In Toronto, the estimate is close to 24,000 unsold units, according to the research and consulting firm Urbanation. Prime Minister Mark Carney campaigned on the promise to build over the next decade almost half a million homes per year. James Innis, president of Vancouver's Sutton Group Realty, said the Liberal government must know that if they're to achieve that goal they need to help clear out the thousands of existing unsold units, which he called 'a new phenomenon.' 'Is this policy partly there to say, 'Okay, we know that there are thousands of units available in Canada. Can we make them more accessible?'' Like others, he would like to see the GST policy expanded to all buyers, not just first-time buyers. Canadian Imperial Bank of Commerce deputy chief economist Benjamin Tal said the GST break will help at the margins, but the industry needs to continue to build. And there aren't many developers building right now, except for those counting on a market upturn by the time they complete. 'We have a lot of inventories. But, you know, population growth is still rising. Investors will be back in the market, interest rates will be lower and lower, and those inventories will start going down and the demand will be there,' said Mr. Tal. 'And that's something that many of those pioneer developers, if you wish, are counting on. It's a risk. It's a gamble, because nobody can calculate exactly how long it will take to get rid of the inventories. But that's more or less the rationale there. 'So, we are seeing a situation in which some of the big [developers] are taking the risk and saying, 'You know what? The market will wake up two or three years from now.' And they are absolutely right.' Mr. Innis concurred, saying it is only the 'brave and the bold, and the well capitalized' that would attempt to push on with a major project in the current market. Critics say proposed GST rebate won't help most first-time homebuyers Developer Grosvenor, which has been active in the Vancouver market for 70 years, is one of the brave ones. The company announced this week that it will start construction on a 41-storey, 451-unit condo tower and two rental towers at the Brentwood Block in Burnaby, B.C. – one of the region's largest construction launches in recent years. It is the first phase of a larger master-planned community that, once complete, will deliver 1,730 units, more than half of them rental. Marc Josephson, Grosvenor's senior vice-president of development, said the company has the confidence to start construction because of a successful presale launch last fall, in which they sold more than 100 units in the first month. Consumer confidence may have since tanked, but Mr. Josephson said that in the long term, the region is still undersupplied. 'This is one of the first construction starts in the region and one of the largest,' he said. 'And one of the reasons is when we launched in the fall, we had success. 'Despite the well-documented conversation about slow sales in the first quarter of 2025 – and no doubt they were slow – things were picking up toward the end of last year, and we were an example of that. 'There are so many factors that determine when you move forward. If you are on a different time scale, and perhaps starting sales right now, that's a different story.' Meanwhile, Square Nine Developments is using marketing incentives to unload some sitting inventory. The company slashed prices on 77 units at its completed Belvedere project in Surrey City Centre last Saturday, reducing the price per square foot from $1,000 to $720. The result was a long lineup and the sale of 63 units, half of them to investors, according to Key Marketing, whose president Cam Good has been offering the occasional 'Condoday' flash sale discounts as one-off events since the 2008 market downturn, for projects in serious need of a boost. He also recently promoted another Surrey project, SkyLiving by Allure Ventures, that gives buyers the option to sell the unit back to the developer at the original price, or lease the unit back, ensuring cash flow if the buyer is an investor. Back in 2021, Square Nine had sold 200 units at the Belvedere, at the original price. They'd held back the penthouses, hoping to get an even higher, price and chose to rent out the units at the podium level. Now, they're selling all the units, including the rental. Mr. Good said that servicing the debt on the remaining 77 units would have amounted to about $300,000 a month for the developer. Instead of paying a lender, they'd rather sell off the units at cost or even slightly below and take their money and move on to finding their own deals on reduced-price development sites, said Mr. Good. 'It's no big deal. There are 275 homes in the building. They still made money – they sold [about] 200 at a good price. … Everybody wins, the developer made money,' said Mr. Good. He expects to do several more Condoday promotions this summer. He said he enjoys doing them, because his usual job is 'making developers rich.' 'And 70 per cent of our buyers are first-time homebuyers.' Barrett Sprowson, senior vice-president of sales and marketing for Peterson Group, called the GST break 'a great first step' in a surprisingly severe market downturn. His company has a 69-unit Oakridge project called the Ashleigh that they are starting construction on, but Mr. Sprowson said they wouldn't have been started if it had been a 400-unit building. 'It's certainly the most protracted downturn we've seen. That's the thing that makes it hard, and that's why the cracks in the industry are showing up, because it's been so protracted. No one really thought it would be this long,' he said. 'I was encouraged by Carney's housing platform in that it seemed there'd been some listening to things the industry has been saying for a while.' Government could help with a break on high development fees and also incentivizing the investor to get back into the market, he said. Mr. Sprowson said the investor plays a role in driving sales and has been too often vilified. The foreign buyer, too, serves a role at the high end of the market, he said. Matthew McClenaghan, president of Edgar Development, said his company is about to start construction on 138 units of rental in Port Moody, B.C. He's confident in rental, but thinks it's a good time to hold off on condos. 'We all are watching to see which presales launches are achieving a modest level of success,' he said. 'I have been in this industry for over 25 years. I have seen this movie before. We, as an industry, run faster than buyers do. While the story is that there is an abundance of new homes on the market now, after these get absorbed, there will be little in the pipeline to replace it.'
Globe and Mail
7 hours ago
- Globe and Mail
Steady interest rate complicates mortgage math and the Home of the Week: Canadian real estate news for the week of June 6
Hi, I'm Moira Wyton, an audience editor at The Globe filling in for Jacob from Vancouver, the other real-estate hotbed of Canada. This week, we're crunching the numbers on why the Bank of Canada's decision to hold its key interest rate could make it harder for homeowners and prospective buyers to figure out their mortgage plans. Plus, we'll dive into the downsides of downsizing and one property worth a look. Try The Globe's business and investing news quiz The Bank of Canada held its policy rate at 2.75 per cent for the second consecutive time, citing 'unusual uncertainty' around inflation and continuing trade tensions with the United States. The BoC's decision will have some reverberating effects on the real estate market. As Erica Alini writes, a rate hold doesn't help homeowners who are facing a hefty increase in their mortgage renewal in the next few weeks. Even though the gap has shortened in the past year, homeowners are still left to work out the math on their finances. And as Salmaan Farooqui writes, the BoC announcement won't be seen as encouraging for first-time homebuyers who have been waiting on the sidelines for a sign to dive into the housing market. Some experts think later this year will be the time for housing markets to heat up – if more rate cuts materialize. If Ottawa's plan to offer a GST rebate to first-time buyers of new homes is meant to ease affordability and speed up construction, some builders say it will barely move the needle where it's needed most – and could actually drive up prices elsewhere. Last week the Department of Finance said it would remove GST on new homes sold for less than $1-million and rebate some of the tax on homes below $1.5-million. But as Shane Dingman writes, critics say those limits don't reflect the prices facing buyers in Canada's most expensive housing markets in Toronto and Vancouver, limiting the rebate to apply to a modest condo at most. And while it may not make a dent in the most expensive cities, one real estate agent says the threshold would include, ironically, 'luxury'-level homes virtually everywhere else in Canada. That could give investors a further leg up in those markets and drive out-of-reach prices even higher for first-time buyers. Their share of new home sales has already shrunk to barely five per cent as investors dominate pre-sales over the last 15 years, according to industry data. The rebate also wouldn't include anyone 'buying up' – moving from a condo to a townhome, or from a duplex to a detached home – when builders say those buyers are critical to generating pre-sales, which have sharply declined in the GTA and other areas since last year. And as builders push Ottawa to remove GST on all new homes, a decades-long rebate debate has been revived over whether a new home should be considered a consumer good at all, or taxed like one. Downsizing is a popular choice for those looking to simplify their lives and spend less time and money caring on upkeep, but many homeowners are still unaware that less space doesn't necessarily mean fewer problems. As freelancer Katrya Bolger writes, the downsides of downsizing range from unforeseen financial costs, like penalties for breaking a mortgage or storage fees for belongings, to lifestyle challenges, like having less outdoor space or room for guests. Michelle Thorne learned that lesson the hard way. She downsized in 2015 while she was still working as a teacher in Barrie, Ont., going from a four-bedroom house to a three-bedroom townhouse close to shops and services she figured she would use in retirement. But it was a hard adjustment to a smaller space. She missed the quiet of her old neighbourhood and the time she had spent outside in her garden, realizing she had been thinking too much about what she'd need in the future rather than how she wanted to live in the present. Two years later, Thorne moved again to a quiet two-bedroom bungalow near the water. Other downsizers Katrya spoke with also had advice on how to make it work – like decluttering instead of paying for extra storage – and how to know when smaller isn't necessarily the best for you. Personal finance advice, in this economy? Tariff uncertainty, stock market volatility and the unpredictable whims of a certain U.S. President have left many Canadians wondering whether it's a good time to buy or sell a home, renovate or lock in their mortgage rates. Globe reporters answered 42 of the most-asked money questions from readers to help Trump-proof their finances. And as personal finance reporter Sal Farooqui notes, it's no wonder readers had so many questions about real estate. 'It's hard to understate Donald Trump's impact on real estate in this country,' Sal told me. 'Economists and real estate professionals generally thought our housing market would be chugging along now that interest rates have dropped notably. Instead, buyers are sitting scared on the sidelines and purchases are at extremely low levels because Trump's global trade war has made things so uncertain.' The advice covers everything from downsizing to investment properties and mortgage rates, and the gist is that if you can wait to offload an investment, you should. But on the other hand, it could also be a better time to buy than usual for first time home buyers who have secure employment 'because rates are low, prices have dropped and there's very little competition,' says Sal. Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on Thursday, June 5. As the vacancy rate goes up in Vancouver, renters do have more options – but unfortunately, those renters don't include lower-income households, notes real estate writer Kerry Gold. The city is 'still far from an abundance of affordability in our time, especially for those on living wage incomes,' said Andy Yan, associate professor of professional practice in urban studies at Simon Fraser University. Even as the market downturn drove the city to approve more purpose-built rental buildings than condos in 2024, a reversal of the proportion pre-2022, lower rents still haven't materialized. That's because of the high cost of land, construction, insurance, financing and more are making developers more likely to hit pause than to lower rents, said Prof. Yan. 90 Madison Ave., Toronto – Full gallery here You don't need a cat – or nine lives – to enjoy this Annex-style brick mansion that takes a classic to new heights. Bought by a born-and-raised New Yorker in the early 2000s, the home's massive addition centred around a three-storey atrium now maximizes natural light, something the buyer longed for growing up in the East Village. Now they sometimes need sunglasses in their living room, but it's created the feel of a ski chalet or backcountry cottage right in the city. Parts of the Victoria mansion are woven into the renovation, along with brushed steel, light wood and suspended catwalks, plus an elevator installed later for an aging relative. There are also still two separate apartments in the original building – either a nice income stream or a potential for expansion.
Globe and Mail
7 hours ago
- Globe and Mail
Buyer stays within budget with $700,000 deal for condo corner unit
435 Richmond St., W., No. 1504, Toronto Asking price: $749,000 (February, 2025) Previous asking prices: $749,900 (January, 2025); $799,000 (October, 2024); $849,000 (April, 2024) *under previous agent Selling price: $700,000 (April, 2025) Previous selling prices: $649,900 (March, 2017); $460,708 (September, 2016) Taxes: $3,826 (2024) Property days on market: 288 Buyers' agent: Ira Jelinek, Harvey Kalles Real Estate Ltd. Agent Ira Jelinek spent March escorting his clients through nearly a dozen downtown properties, either two bedroom or one bedroom and a den, priced between $650,000 and $750,000, but they couldn't find one that met the constraints of their budget. However, they were able to chop $49,000 off the price of this two-bedroom unit at the Fabrik building, just off Spadina Avenue between Queen and King streets. 'We made an offer on another unit that was priced low, and we knew was worth over $800,000, but we tried,' said Mr. Jelinek. 'This one checked a lot of boxes: It was a corner unit downtown, and the maintenance fees aren't outrageous.' This nine-year-old unit has a contemporary design, with nine-foot ceilings, hardwood flooring and floor-to-ceiling windows as well as a south-facing balcony off the living room. An L-shaped kitchen, two bathrooms and stacked laundry facilities round out the space. A parking spot comes with the unit. The cost of heating, water, concierge, theatre, gym and rooftop deck are incorporated into monthly fees of $602. 'This part of Richmond, Adelaide and Spadina isn't so busy, so it was a good location,' Mr. Jelinek said. 'It's a little bit off the beaten path from Queen Street and King Street, which are a lot busier.'
