· Phase 3 of MAG 5 Boulevard launched in response to huge demand for luxury mid-range units at the community
· Dubai South’s strategic location a major factor driving demand, alongside the project’s convenient payment plan and state-of-the-art design
27 February 2017
MAG 5 Property Development (MAG 5 PD), the leading property developer of luxury mid-range developments and pioneering affordable housing initiatives, has launched MAG 5; the third phase of its MAG 5 Boulevard community. The launch of MAG 5 comes in response to increasing investor demand for studios and both one and two bedroom apartments at the community. MAG 5 Boulevard is the second project developed by MAG 5 PD, and is the first of its kind to be launched within the strategic Dubai South area – a key factor driving the surge in demand.
The company will be offering a convenient payment plan, which reduces the risk for customers and is attracting a more seasoned and knowledgeable buyer to MAG 5 Boulevard. The customer-minded payment plan is highly appealing for prospective buyers, offering a 50%/50% structure that is designed to offer comfortable payment dates, with a year of no payments before completion of the project. Unit prices start at AED 310,000 for studios, AED 410,000 for one bedroom units and AED 510,000 for two bedroom apartments, as the development is targeted towards those earning between AED 15,000-30,000 a month. The project will be developed in phases, with phase 1 and 2 due for completion in Q4 2018 and the recent MAG 5 (phase 3) to be handed over by Q2 2019.
Talal Moafaq Al Gaddah, CEO of MAG 5 PD, commented: “We have witnessed huge demand at MAG 5 Boulevard since its launch, with Phase 1 and 2 being outstandingly popular thanks to the project’s state-of-the-art design, fair pricing, high quality and strategic location in Dubai South, which situates the community at the heart of one of Dubai’s most exciting urban developments. The project’s convenient payment plan and the 12% expected yield for investors are also major factors driving demand and attracting a more experienced buyer to MAG 5 Boulevard.”
The MAG 5 project falls within the fully-gated AED 800 million MAG 5 Boulevard residential community. MAG 5 will see the addition of 270 units to the community’s existing 13 buildings, resulting in a total of 1,442 residential units. These will offer the benefits of a 24-hour, walkable community that spreads over 800,000 square feet of land in the Dubai Greenbelt. The project is also 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.
Al Gaddah concluded: “MAG 5 PD will be focusing its future efforts on luxury mid-range developments across the UAE, where they are in high demand. We aim to fill this gap in the real estate sector by offering high-quality, sustainable and affordable housing tailored to the needs and preferences of middle income earners. Our strategically located projects also aim to serve families, allowing them to live close to their places of work while also enjoying the quality amenities of a fully integrated modern community.”
© Press Release 2017
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