By Staff writer
MAG 5 Property Development announces sales success for its MAG 5 Boulevard project at Dubai South
Developers behind a $190.5 million affordable housing project in Dubai have announced that 50 percent of its second phase of homes have been sold within a week.
MAG 5 Property Development, a real-estate company formed jointly by MAG Property Development and MBM Holding, announced the sales success for its MAG 5 Boulevard project at Dubai South.
This is the first community project developed by MAG 5 Property Development and also the first of such developments to be launched within Dubai South, with prices starting from AED499,999.
Talal Moafaq Al Gaddah, CEO, MAG 5 PD said: “We received an incredible demand for this project with Phase 1 of MAG 5 Boulevard — a development that is targeted towards those earning between AED25,000-30,000 per month.
“The rapid sales for MAG 5 Boulevard support a recent market study by Cavendish which shows that demand for affordable housing in the emirate is growing rapidly. This demand has translated into unprecedented appetite for MAG 5 Boulevard.”
The entire MAG 5 Boulevard development comprises 13 buildings and 1,172 residential units currently on sale. Phase 1 handover for the development is scheduled to commence in the fourth quarter of 2018.
Probably sold to flippers that will try to flip the properties at such an inflated rate that they are no longer considered affordable housing. Same old story! They must put constraints on these flippers so that end-users can buy properties in Dubai.