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With a promise of quality homes and a pleasant env i ronment at reasonable prices, MAG Property Development has unveiled MAG 5 Boulevard, a residential community project in Dubai World Central (DWC). The developer says MAG 5 Boulevard, which will break ground later this year, will offer more than 1,000 apartments in 13 lowrise buildings spread across 800,000 sq ft of land.
“The project will be home to numerous complementary lifestyle features, including dining, shopping, leisure and entertainment,” says Talal Moafaq Al Gaddah, CEO of MAG, which is developing the project in a joint venture with MBM Holding. “This is a place you can have fun with, not just an apartment.”
It will also have swimming pools, outdoor leisure areas and a community centre. The project is a dream come true for Al Gaddah, who revealed MAG’s plans to launch such a project in an interview with PW in March.
“Due to a huge gap in the market, MAG is catering to middle-income earners by providing affordable housing, which [allows] residents to enjoy the benefits and quality amenities of a fully integrated modern community,” says Al Gaddah. “Our
philosophy is to never compromise on quality.”
The prices of land in areas such as DWC are still affordable, which partly helps the developer to keep the cost of the project low. “At an estimated construction value of Dh700 million, the project is funded fully by MAG and its owners.”
Al Gaddah says the development targets individuals or families earning around Dh25,000 a month.
MAG 5 Boulevard will have 500-sq-ft studios from Dh380,000; 645-sq-ft one bedroom apartments from Dh530,000; 1,010-sq-ft twobedroom apartments from Dh799,000; and 2,130-sq-ft three-bedroom apartments from around Dh1.4 million. All units will have balconies overlooking the greenery and provisions have been made for ample parking.
The developer says it is offering a financing plan to ease the burden on buyers. Around 30 per cent — inclusive of the down payment — will be paid initially over a few months, followed by an interest-free five-year payment plan starting at around
Dh6,200 a month.
MAG will market the project among UAE nationals and expats, and also make it available to foreign buyers who want a holiday home or a buy-to-let investment.
“The most important point for this type of development is to sell to end users who really want to live in their own [homes] and can afford the payment plan,” says Al Gaddah.
“The concept guarantees units can be easily rented out and the income will stay the same no matter what.”
Situated in DWC’s residential district, MAG 5 Boulevard will also be close to the master development’s green belt and planned schools, offices and hospitals. It is likely to attract buyers who would like to live close to their workplaces in Dubai Investments Park, Jebel Ali Free Zone or DWC.
Mohammed Al Awadhi, Vice President — Real Estate of DWC, says the area is already home to 10,000 employees who currently commute to work.
“By 2020, DWC is projected to become a selfsustained urban ecosystem where thousands of professionals and their families will live and work,” he says.
“With viable housing projects such as MAG 5 Boulevard and others on the retail, health-care and educational fronts, DWC is laying the foundation of what will become a vibrant and robust community.”
A bus service currently connects the area to Ibn Battuta Mall, while the Dubai Metro Red line will be extended to the World Expo 2020 site in DWC.
While handover is slated for the first quarter of 2018, Al Gaddah is already planning a new affordable housing project comprising town homes. However, the developer said it is still studying the different aspects of such a project.
The first residential project in DWC, Legacy Park, was announced in 2013. It is a golf villa community undertaken as a joint venture with Emaar and spread over 70 million sq ft with around 7,000 homes. It will have various entertainment facilities, a central park, lagoons and a hotel. In fact, many hotels will feature in the neighbourhood, including Holiday Inn and Staybridge Suites DWC.
Aloft, Studio M and Millennium are expected to be completed by 2019. Damac is also building apartment hotels in the area, Naia and Celestia Tenora.
Source: Nicole Walter Special to PW