04 December 2016
MAG 5 Property Development (MAG 5 PD), the leading property developer of innovative high-end luxury developments and pioneering affordable housing initiatives, recently wrapped-up a successful first week sales launch of MAG 5 Boulevard Phase 2. 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. Huge demand for MAG 5 Boulevard saw 50% of Phase 2 sell out in the first week.
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 AED 25,000-30,000 per month. It’s a great location 25 minutes from DIFC and Downtown and close to the Arabian Ranches at a fraction of the cost. It offers an attractive payment plan with 15% down payment upon agreement, and 10% payments in February, June, and November 2017, and in April 2018. Then the final 45% is to be paid upon handover in Q2 2019. This is a responsible payment plan that shares and minimises risk for our customers and is attracting a more seasoned and knowledgeable buyer to the MAG 5 Boulevard project.
Talal added, “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. Our buyers’ interest is enhanced by the strategic location in the Dubai Greenbelt of MAG 5 Boulevard, which offers a number of facilities and is located within Dubai South and close to the new Al Maktoum International Airport - Expo 2020 Dubai site.”
The AED 800 million fully-gated MAG 5 Boulevard residential project in the Dubai Greenbelt is a unique low-rise project which will support an expected 10% yield for purchasers.
Al Gaddah continues “Our focus is always on providing the greatest value for our clients. By building low rises we avoid the high service and maintenance charges which investors and owners can face in tower blocks and other developments with multiple car parking floors. Such charges can exceed 30%-40% of the project and are an unpleasant hidden cost that is often passed on to the buyer. We don’t wish to see this happen – so our engineering department has worked to drive down long-term costs and guarantee a strong yield for investors.”
The entire MAG 5 Boulevard development comprises of thirteen buildings and 1,172 residential units currently on sale with prices ranging between 1 bed for 499,999 AED and 3 bed for 1,480,000 AED. The project is designed to become a 24-hour living, walkable community spread over 800,000 sq. ft. of land. Phase 1 handover for the development is scheduled to commence in Q4 2018.
MAG 5 Property Development is a real-estate company formed jointly by MAG Property Development and MBM Holding. The organisation creates high-quality, sustainable and affordable housing tailored towards the needs and preferences of middle income earners. MAG 5 PD caters towards families who prefer to stay close to their respective places of work, yet enjoy the benefits and quality amenities of a fully integrated modern community.
About MAG 5 Property Development
MAG 5 Property Development is a dedicated real estate development company. It was formed jointly by MAG Property Development and MBM Holding with a vision to be a leader in the affordable housing sector by employing the highest of standards, with a particular focus on projects that deliver long-term benefits to medium-income investors and end-users.
Through sensitive and intelligent design, MAG 5 Property Development will set new standards for environmental and lifestyle sustainability, without compromising the high standards of living that characterise Dubai as a destination.
© Press Release 2016