UAE-based MAG 5 Property Development (MAG 5 PD) has launched the third phase of MAG 5 Boulevard, its first project within the strategic Dubai South area.
A leading developer of luxury mid-range developments and affordable housing initiatives, MAG 5 PD says the project launch comes in response to increasing investor demand for studios and both one- and two-bedroom apartments at the community.
Located within the fully-gated Dh800-million ($218 million) MAG 5 Boulevard residential community, this phase will see the addition of 270 units to the existing 13 buildings, resulting in a total of 1,442 residential units. They will offer the benefits of a 24-hour, walkable community that spreads over 800,000 sq ft of land in the Dubai Greenbelt.
The project is situated in close proximity to schools, offices and hospitals, offering convenience alongside elegantly designed landscaping, as well as a swimming pool, jogging tracks and gardens, retail, dining and leisure outlets, outdoor leisure spaces, children’s areas, and a community centre.
Most of the development’s apartments will feature balconies and its expansive footprint will allow for ample parking.
“We have witnessed huge demand at MAG 5 Boulevard since its launch, with Phase One and Two being outstandingly popular thanks to the project’s state-of-the-art design, fair pricing, high quality and strategic location in Dubai South,” remarks CEO Talal Moafaq Al Gaddah.
Since the development is targeted at the mid-market segment – mainly those earning between Dh15,000-30,000 ($4,000-$8,000) a month – the unit prices start at Dh310,000 ($84,400) for studios, Dh410,000 ($111,600) for one- and Dh510,000 ($138,800) for two-bedroom apartments, explains Al Gaddah.
The project will be developed in phases, with Phase One and Two due for completion in the fourth quarter of 2018 and Phase Three to be handed over by the second quarter of 2019.
According to him, MAG 5 PD will be focusing its future efforts on luxury mid-range developments across the UAE, which are in high demand.