By Staff writer
MAG 5 Property Development says 80% of properties in phase one have been snapped up by buyers
The first phase of a $190.5 million affordable housing project in Dubai has reported strong sales with 80 percent of properties snapped up.
MAG 5 Property Development, a company formed jointly by MAG Property Development and MBM Holding, said its MAG 5Boulevard project is scheduled for completion in the first quarter of 2018.
Located at Dubai World Central (DWC)'s residential district, the developer added that phase 2 is to be launched during Cityscape Global exhibition next month.
"MAG 5 Boulevard's strong sales response is a clear indication of the high demand for affordable housing in the market, particularly among GCC residents. What makes this project particularly attractive is its combination of strategic location, flexible payment plan, affordability and lifestyle," said Talal Moafaq Al Gaddah, CEO.
MAG 5 Boulevard comprises more than 1,000 residential units complemented by an array of retail, dining, leisure and entertainment amenities.
On target to break ground later this year, the development is set to be spread over 800,000 sq ft of land.