UAE-based MAG 5 Property Development (MAG 5 PD) said it has launched the third phase of MAG 5 Boulevard, a first-of-its kind project coming up within the strategic Dubai South area community.

A leading property developer of luxury mid-range developments and pioneering affordable housing initiatives, MAG 5 PD said the project launch comes in response to increasing investor demand for studios and both one- and two-bedroom apartments at the community.

The MAG 5 project falls within the fully-gated Dh800 million ($218 million) MAG 5 Boulevard residential community.

It 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 sq ft of land in the Dubai Greenbelt, said the statement.

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. It will be handed over by the second quarter of 2019, it added.

MAG 5 Boulevard is the second project developed by the compay and is the first of its kind to be launched within the strategic Dubai South area – a key factor driving the surge in demand, said its top official.

"We have witnessed huge demand at MAG 5 Boulevard since its launch, with Phase I and II 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," remarked CEO Talal Moafaq Al Gaddah.

The company is 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 new 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.

Since the development is targeted at the mid-market segment - mainly those earning between Dh15,000-30,000 a month - the unit prices start at Dh310,000 for studios, Dh410,000 for one- and Dh510,000 for two-bedroom apartments, explained Al Gaddah.

The project will be developed in phases, with Phase I and II due for completion in the fourth quarter of 2018 and the recent MAG 5 (Phase III) to be handed over by the second quarter of 2019.

"The project’s convenient payment plan and the 12 per cent expected yield for investors are also major factors driving demand and attracting a more experienced buyer to MAG 5 Boulevard," he added.

According to him, 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," he added.-TradeArabia News Service