MAG Property Development Reports Robust Growth for Q3
September 4, 2016
AED 5 billion of projects delivered with another 5 billion of projects in development.
MAG Property Development (MAG PD), the real estate development arm of MAG Group, has reported robust growth for Q3 2016 with 90% sales closed for phase one of its MAG 5 Boulevard development.
The strong results, which demonstrate MAG PD’s market presence as one of the region’s largest multi-sector corporations, come in advance of the company’s appearance at Cityscape 2016, and are underscored by its AED 5 billion of projects in development. MAG PD’s report also demonstrates the health of its property portfolio, which includes twelve projects currently under development across the UAE.
MAG PD’s Q3 figures are a reflection of the positive real estate market response to its offerings including those such as MAG 5 Boulevard – a project which is tailored towards modern quality design and reshaping residential living in the heart of the Dubai Greenbelt.
MAG PD CEO, Talal M Al Gaddah commented: “We have had an excellent quarter and year to date and have an extensive portfolio of live projects, which comprise of both residential, commercial and logistics developments. Our whole organisation is geared towards maintaining a high level of quality, efficiency and delivery, which is aimed towards keeping both our investors and our customers happy.
Al Gaddah continues: “MAG PD has ventured onto new ground by focusing on ‘Quality of Life’ projects which prioritise functionality, beautiful design and the efficient use of space and to this end, MAG PD’s offering will go a long way towards raising the standard of developments across the region. The MAG 5 Boulevard project is a prime example of this new approach, which provides an exceptional opportunity for mid-range investors and families to buy high quality homes at affordable prices.”
MAG 5 Boulevard is the first medium income housing community in the UAE and offers exceptional residential living, with prices starting from AED 380,555 and is set to give investors a yearly yield of 10% minimum. The development is strategically located within Dubai South’s residential area of ‘The Village’, a premium spot which is adjacent to the Expo 2020 site and Dubai Parks & Resorts.
With a construction value estimated at AED 700 million, MAG 5 Boulevard will encompass 1,172 residential units, complemented by an array of retail, dining, leisure and entertainment amenities, spread over 800,000 sq. ft. of land. Phase one handover for the development is scheduled to commence in Q4 2018.