Thanks to the high demand for affordable homes MAG 5 Property Development has seen, the company will add a second phase into the market to cater to Dubai’s rapidly rising need for affordable housing.
The second phase of the residential project will be launched during Cityscape Global exhibition, taking place from September 8 to 10.
The real estate company, jointly formed by MAG Property Development and MBM Holding, entered Dubai’s affordable housing market in May with the release of MAG 5 Boulevard to the market – the company’s $190.5 million residential project located at the residential district of Dubai World Central (DWC).
MAG 5 Boulevard comprises more than 1,000 residential units complemented by an array of retail, dining, leisure and entertainment amenities.
Eighty per cent of the first phase of MAG 5 Boulevard properties, expected be completed by Q1 2018, has already been bought, according to Arabian Business.
“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,” Talal Moafaq Al Gaddah, CEO of MAG 5 Properties, told Arabian Business.
The MAG 5 Boulevard project is spread over 800,000 square feet and comprises 13 buildings. The development boasts 1,118 apartments, with more than 600 one-bedroom and 300 two-bedroom units included.
A MAG Property Development senior official told Gulf Properties that construction of the MAG 5 Boulevard would start in Q4 2015. The project would be delivered in phases, with the first phase expected to be handed over in Q1 2018 and the entire project to be completed by the end of 2018.
Source: GGICO Properties’ official Youtube Channel