Dubai-based MAG 5 Property Development (MAG 5 PD) intends to launch the second phase of its MAG 5 Boulevard located at Dubai World Central’s (DWC) residential district area during Cityscape Global exhibition this month (September). The affordable housing project is expected to break ground later this year.
The developer has also announced that 80 per cent of Phase One of the project has sold out. MAG 5 Boulevard opened to investors on the day of the launch, with handover of the Phase One of the development scheduled to commence in the first quarter (Q1) of 2018.
“MAG 5 Boulevard’s strong sales response is a clear indication of the high demand for affordable housing in the market, particularly among GCC residents. What makes this project particularly attractive is its combination of strategic location, flexible payment plan, affordability and lifestyle,” said Talal Moafaq Al Gaddah, CEO of MAG 5 PD, a joint venture of MAG Property Development and MBM Holding.
MAG 5 Boulevard comprises more than 1,000 residential units complemented by an array of retail, dining, leisure and entertainment amenities. The development is destined to become a 24-hour living, walkable community spread over 800,000 sq ft of land.
Situated in close proximity to schools, offices and hospitals, MAG 5 Boulevard will offer extensive landscaping, pools, outdoor leisure spaces, children’s areas and a community centre. All of the development’s apartments will feature balconies and its expansive footprint will allow for ample parking.
MAG 5 Property Development is making units available to investors through a five-year payment plan with zero per cent interest, with the company saying that buyers are those whose priority is a home rather than an investment.
“MAG 5 Boulevard at DWC has been specially designed to be aligned with the needs of middle-income earners and their families who want to enjoy the benefits and quality amenities of a fully integrated modern community,” added Al Gaddah. “The development includes high-quality facilities to meet all of their needs, incomparable ease of access and a sustainable urban environment to call home.”