MAG 5 Property Development (MAG 5 PD), a real-estate company formed jointly by MAG Property Development and MBM Holding, has announced strong sales for its pioneering affordable housing project, MAG 5 Boulevard.
The company reports that transactions for its Dubai South residential development have been 10-15 per cent each month over the last three-four months, with the results underscoring its belief that the sector catering specifically for middle income earners is set to become the foundation for renewed growth in the industry.
“MAG 5 Boulevard is MAG 5 PD’s first entry into the affordable housing sector and was a move taken following extensive our market research that revealed that middle-income earners would be the bedrock of future real estate growth in the region. Once we had taken the decision to cater for this specific sector of the market, we committed ourselves to becoming its pioneers. This mission is reflected in the incredibly high standard of apartments, amenities and facilities found at MAG 5 Boulevard, with such leading features including every apartment having a balcony and ample parking available for all residents,” said Talal Moafaq Al Gaddah, CEO, MAG 5 PD.
Spread over 800,000 sq. ft. of land and with an estimated construction value of AED 700 million, MAG 5 Boulevard comprises over 1,000 residential units situated in close proximity to schools, offices and hospitals and next to the largest park in the UAE. Designed as a low-rise residential development complemented by an array of retail, dining, leisure and entertainment amenities, MAG 5 Boulevard offers extensive landscaping, pools, outdoor leisure spaces, children’s areas and a community centre.
The company says that investor interest in the project increased significantly following an announcement about Dubai South made on August 15.
“Undoubtedly a contributory factor to MAG 5 Boulevard’s strong sales has been the widely-reported statement relating to Dubai South’s position as Dubai World Central’s master-planned city, which was made in August. This official announcement heightened awareness of the new district, leading to a significant number of sales leads for MAG 5 Boulevard. A large number of these leads are being converted into transactions once prospective investors see the quality of the development’s offerings,” added Al Gaddah.
Dubai South is an exclusive urban development strategically located within easy reach of the Al Maktoum International and adjacent to the Expo 2020 venue.
MAG 5 Property Development is making its MAG 5 Boulevard units available to investors through a five-year payment plan with 0% interest. Phase One handover for MAG 5 Boulevard is scheduled to commence end 2017.