New Dubai homes target those earning Dh15,000
Filed on February 27, 2017
MAG 5 is the third phase in MAG 5 Boulevard community in Dubai South
MAG 5 Property Development has launched the third phase of its MAG 5 Boulevard community in Dubai South.
The launch of this phase comes in response to increasing investor demand for studios and one- and two-bedroom apartments at the community. MAG 5 Boulevard is the second project developed by the developer.
The company says it will provide a convenient payment plan offering a 50:50 structure, with a year of no payments before completion of the project.
Unit prices start at Dh310,000 for studios, Dh410,000 for one-bedroom units and Dh510,000 for two-bedroom apartments. The project is targeted at those earning between Dh15,000 to Dh30,000 a month. The project will be developed in phases, with phase one and two due for completion in Q4 2018 and phase three to be handed over by Q2 2019.
Talal Moafaq Al Gaddah, CEO of MAG 5, said: “We have witnessed huge demand at MAG 5 Boulevard, with phase one and two being popular thanks to the project’s fair pricing and strategic location in Dubai South. The project’s convenient payment plan and the 12 per cent expected yield for investors are also major factors driving demand.”
The MAG 5 project falls within the fully-gated Dh800 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. The community is spread over 800,000 square feet.
Al Gaddah added: “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