MAG 5 Property Development Announces Dubai World Central Affordable Housing Community
May 18, 2015
A vibrant new community to be developed at DWC Residential Area for handover in 2018
MAG 5 Property Development, a real-estate company formed jointly by MAG Property Development and MBM Holding, announced today the launch of a new integrated and affordable residential community, ‘MAG 5 Boulevard’ at Dubai World Central (DWC). The launch event was attended by Mr. Moafaq al Gaddah – Chairman of MAG Group, Saeed al Mutawa – CEO, MBM Holdings and Mohammed Al Awadhi, VP, Real Estate, Dubai World Central.
With an estimated construction value of AED 700 million, MAG 5 Boulevard will be strategically located within DWC’s Residential Area and will comprise over 1,000 residential units complemented by an array of retail, dining, leisure and entertainment amenities. The project is planned to break ground in Q4 2015 and is destined to become a 24-hour living, walkable community spread over 800,000 sq. ft. of land. Phase 1 handover for the development is scheduled to commence in Q1 2018.
Mohammed Al Awadhi, VP, Real Estate, Dubai World Central, said: “By 2020, DWC is projected to become a self-sustained urban ecosystem where thousands of professionals and their families will live and work. Currently, DWC is home to 10,000 people, a significant portion being knowledge workers who commute daily to DWC from various parts of the UAE. With viable housing projects such as MAG 5 Boulevard and others on the retail, healthcare and education fronts, DWC is laying the foundation of what will become a vibrant and robust community.”
Talal Moafaq Al Gaddah, CEO, MAG 5 Property Development, said: “With our partner MBM Holding, we are keen to capitalise on the growing demand for quality, affordable residential communities in close proximity to the Al Maktoum International Airport and the wider DWC area. DWC is projected to gain strong momentum as a major economic powerhouse in the coming years and as such, represents a compelling business case for us.”
Once completed, MAG 5 Boulevard will be a low-rise residential development offering extensive landscaping, pools, outdoor leisure spaces, children’s areas and a community centre. Situated in close proximity to schools, offices and hospitals and next to ‘The Green Belt’ – the largest park in the UAE, MAG 5 Boulevard will be home to numerous complementary lifestyle features including dining, shopping, leisure and entertainment, which form part of the wider DWC master plan. All of MAG 5 Boulevard’s apartments will feature balconies, and the development’s expansive footprint will allow for ample parking for all residents. MAG 5 Property Development is making its MAG 5 Boulevard units available to investors through a five-year payment plan with zero (0) per cent interest.
“MAG 5 Boulevard at Dubai World Central is aligned with the needs of middle income earners and their families who prefer to stay close to their respective places of work, yet still enjoy the benefits and quality amenities of a fully integrated modern community of affordable housing. The project will provide an attractive residential proposition to people working in the surrounding areas of Dubai Investment Park and the Jebel Ali Free Zone,” added Al Gaddah.
The DWC Residential Area is an exclusive urban development strategically located within easy reach of the Al Maktoum International Airport and offers opportunities for freehold property investments. Located adjacent to the Expo 2020 venue, the Residential District provides its future residents with an unparalleled opportunity to live in a uniquely integrated community that includes high quality facilities to meet all of their needs, incomparable ease of access and exit, and a sustainable urban environment to call home.
About Dubai World Central (DWC)
Dubai World Central is a purpose-built, master-planned city around the Al Maktoum International Airport (AMIA), the largest airport in the world when complete. Covering an area of 145 square kilometres, DWC is a self-sustained ecosystem that seamlessly integrates this global trade, business and aviation hub with a smart and sustainable urban city development. DWC is designed to provide unmatched connectivity, speed and efficiency for sea-to-air and air-to-sea cargo. It will, also, ultimately support a community of 1 million people and host residential, retail, healthcare, education and hospitality sectors. DWC is emerging as a preeminent global destination and is now home to the World Expo 2020.