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Fri 22 Jul 2016 12:14 AM

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Main contractor hired for $190m Dubai affordable homes project

MAG 5 Property Development announces that construction on MAG 5 Boulevard project at Dubai South will start this month

Main contractor hired for $190m Dubai affordable homes project

Developers behind a $190.5 million affordable housing project in Dubai have announced that Fujairah National Construction Company will be its main contractor.

MAG 5 Property Development, a real-estate company formed jointly by MAG Property Development and MBM Holding, announced the deal for its MAG 5 Boulevard project at Dubai South.

The company's first medium income housing community in the UAE will see prices starting from AED380,555, the company said in a statement.

"Completing this project within two years was an important requirement of the project tender," added Talal Moafaq Al Gaddah, CEO, MAG 5 PD.

MAG 5 Boulevard will comprise of 1,172 residential units, complemented by a range of retail, dining, leisure and entertainment amenities.

The project will break ground this month, with phase 1 handover scheduled to commence in the fourth quarter of 2018.

"FNC has an enviable portfolio for the delivery of premium real estate developments in the UAE. We are confident in their ability to bring MAG 5 Boulevard to the market within two years," added Al Gaddah.

He said MAG Property Development has a property portfolio currently under development in excess of $3 billion.

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