Developers behind a $190.5 million affordable housing project in Dubai have announced that 50 percent of its second phase of homes have been sold within a week.
MAG 5 Property Development, a real-estate company formed jointly by MAG Property Development and MBM Holding, announced the sales success for its MAG 5 Boulevard project at Dubai South.
This is the first community project developed by MAG 5 Property Development and also the first of such developments to be launched within Dubai South, with prices starting from AED499,999.
Talal Moafaq Al Gaddah, CEO, MAG 5 PD said: “We received an incredible demand for this project with Phase 1 of MAG 5 Boulevard — a development that is targeted towards those earning between AED25,000-30,000 per month.
“The rapid sales for MAG 5 Boulevard support a recent market study by Cavendish which shows that demand for affordable housing in the emirate is growing rapidly. This demand has translated into unprecedented appetite for MAG 5 Boulevard.”
The entire MAG 5 Boulevard development comprises 13 buildings and 1,172 residential units currently on sale. Phase 1 handover for the development is scheduled to commence in the fourth quarter of 2018.