Mag 5 to launch new phase as 80% of first part sold out
Dubai - Mag 5 Boulevard opened to investors on the day of the launch, with handover of the Phase 1 of the development scheduled to commence in Q1, 2018.
Mag 5 Property Development, or Mag 5 PD, a real-estate company formed jointly by Mag Property Development and MBM Holding, has announced that 80 per cent of Phase 1 of its affordable housing project, Mag 5 Boulevard, has sold out.
Located at Dubai World Central (DWC)'s residential district area, Mag 5 Boulevard opened to investors on the day of the launch, with handover of the Phase 1 of the development scheduled to commence in Q1, 2018. Phase 2 is to be launched during Cityscape Global exhibition next month.
"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, chief executive officer, Mag 5 PD.
Strategically located within easy reach of the Al Maktoum International Airport and adjacent to the Expo 2020 site, Mag 5 Boulevard comprises more than 1,000 residential units complemented by an array of retail, dining, leisure and entertainment amenities. On target to break ground later this year, the development is destined to become a 24-hour living, walkable community spread over 800,000sqf 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 the demographic of buyers is one of those whose priority is that of a home over 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. The development includes high quality facilities to meet all of their needs, incomparable ease of access and a sustainable urban environment to call home. Mag 5 Boulevard is attracting those who are keen to build their future in Dubai," added Al Gaddah.