MAG 5 Property Development has launched the third phase of its MAG 5 Boulevard community in Dubai South.
The move is a response to investor demand for studios and both one and two bedroom apartments at the community, the developer said.
To attract customers, the company will be offering a payment plan with a 50%/50% structure, with a year of no payments before completion.
Unit prices start at AED 310,000 for studios, AED 410,000 for one bedroom units and AED 510,000 for two bedroom apartments.
Phases 1 and 2 are due for completion in Q4 2018 and phase 3 is due to be handed over by Q2 2019.
Talal Moafaq Al Gaddah, CEO of MAG 5 PD, commented: “We have witnessed huge demand at MAG 5 Boulevard since its launch, with Phase 1 and 2 being outstandingly popular thanks to the project’s state-of-the-art design, fair pricing, high quality and strategic location in Dubai South, which situates the community at the heart of one of Dubai’s most exciting urban developments.
“The project’s convenient payment plan and the 12% expected yield for investors are also major factors driving demand and attracting a more experienced buyer to MAG 5 Boulevard.”
Phase 3 will see the addition of 270 units to the community’s existing 13 buildings, resulting in a total of 1,442 units at the AED 800mn MAG 5 Boulevard residential community.
Al Gaddah concluded: “MAG 5 PD will be focusing its future efforts on luxury mid-range developments across the UAE, where they are in high demand. We aim to fill this gap in the real estate sector by offering high-quality, sustainable and affordable housing tailored to the needs and preferences of middle income earners. Our strategically located projects also aim to serve families, allowing them to live close to their places of work while also enjoying the quality amenities of a fully integrated modern community.”