MAG 5 Property Development, a real estate company based in the UAE, has announced the launch of its new integrated and affordable residential community at Dubai World Central (DWC).
The company is a joint venture between two Dubai-based firms, MAG Property Development and MBM Holding, an investment and advisory firm.
The Dh700-million ($191 million) MAG 5 Boulevard will be strategically located within DWC Residential Area, an exclusive urban development strategically located within easy reach of the Al Maktoum International Airport and offers opportunities for freehold property investments.
It will boast more than 1,000 residential units complemented by an array of retail, dining, leisure and entertainment amenities. The project is planned to break ground in the fourth quarter of 2015 and is destined to become a 24-hour living, walkable community spread over 800,000 sq ft of land.
Phase One handover of the development is scheduled to start in the first quarter of 2018.