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MAG 5 Boulevard .... boasts over 1,000 residential units.

MAG 5 launches new residential community in Dubai

DUBAI, May 18, 2015

MAG 5 Property Development, a real estate company based in the UAE, has announced the launch of its new integrated and affordable residential community at Dubai World Central (DWC).

The company is a joint venture between Dubai-based MAG Property Development and MBM Holding, a Dubai-based investment and advisory firm.  

The Dh700-million ($191 million) MAG 5 Boulevard will be strategically located within DWC Residential Area, an exclusive urban development strategically located within easy reach of the Al Maktoum International Airport and offers opportunities for freehold property investments.

It will boast more than 1,000 residential units complemented by an array of retail, dining, leisure and entertainment amenities.

The project is planned to break ground in the fourth quarter of 2015 and is destined to become a 24-hour living, walkable community spread over 800,000 sq ft of land.

The Phase One handover for the development is scheduled to start in the first quarter of 2018.

Speaking at the launch, CEO Talal Moafaq Al Gaddah, said: "With our partner MBM Holding, we are keen to capitalise on the growing demand for quality, affordable residential communities in close proximity to the Al Maktoum International Airport and the wider DWC area."

"DWC is projected to gain strong momentum as a major economic powerhouse in the coming years and as such, represents a compelling business case for us," he stated in the presence of Saeed al Mutawa, the chief executive of MBM Holdings, and Mohammed Al Awadhi, the vice president of real estate, Dubai World Central.

Once completed, MAG 5 Boulevard will be a low-rise residential development offering extensive landscaping, pools, outdoor leisure spaces, children’s areas and a community centre.

Situated in close proximity to schools, offices and hospitals and next to ‘The Green Belt’ - the largest park in the UAE - MAG 5 Boulevard will be home to numerous complementary lifestyle features including dining, shopping, leisure and entertainment, which form part of the wider DWC masterplan, said Al Gaddah.

All of MAG 5 Boulevard’s apartments will feature balconies, and the development’s expansive footprint will allow for ample parking for all residents. The group is making its MAG 5 Boulevard units available to investors through a five-year payment plan with zero (0) per cent interest.

"MAG 5 Boulevard is aligned with the needs of middle-income earners and their families who prefer to stay close to their respective places of work, yet still enjoy the benefits and quality amenities of a fully integrated modern community of affordable housing," stated Al Gaddah.

The project will provide an attractive residential proposition to people working in the surrounding areas of Dubai Investment Park and the Jebel Ali Free Zone, he added.

Al Awadhi said: “By 2020, DWC is projected to become a self-sustained urban ecosystem where thousands of professionals and their families will live and work. Currently, it is home to 10,000 people, a significant portion being knowledge workers who commute daily to DWC from various parts of the UAE."

"With viable housing projects such as MAG 5 Boulevard and others on the retail, healthcare and education fronts, DWC is laying the foundation of what will become a vibrant and robust community," he added.-TradeArabia News Service




Tags: Dubai | Homes | residential community |

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