By Staff writer
MAG 5Boulevard will feature more than 1,000 residential units; due to break ground in Q4 with completion slated for 2018
Plans were unveiled on Monday to build a AED700 million ($190.5 million) integrated affordable homes project at Dubai World Central.
MAG 5 Property Development, a real-estate company formed jointly by MAG Property Development and MBM Holding, announced the launch of MAG 5Boulevard.
The project will be located within DWC's residential zone and will feature more than 1,000 residential units plus a range of retail, dining, leisure and entertainment amenities, the company said.
The project is scheduled to break ground in the fourth quarter of 2015 and once complete will spread over 800,000 square feet.
Phase 1 handover for the development is scheduled to commence in the first quarter 2018, a statement said.
Mohammed Al Awadhi, VP, Real Estate, Dubai World Central, 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, DWC 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 5Boulevard and others on the retail, healthcare and education fronts, DWC is laying the foundation of what will become a vibrant and robust community."
Talal Moafaq Al Gaddah, CEO, MAG 5 Property Development, added: "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."