Dh700 million MAG 5 Boulevard launched

19 May 2015

The project is planned to break ground in fourth quarter 2015 and is destined to become a 24-hour living, walkable community spread over 800,000 sqft of land.

Dubai: MAG 5 Property Development on Monday launched a new integrated and affordable residential community, ‘MAG 5 Boulevard’ at Dubai World Central (DWC).

With an estimated construction value of Dh700 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 fourth quarter 2015 and is destined to become a 24-hour living, walkable community spread over 800,000 sqft of land. Phase one handover for the development is scheduled to commence in first quarter of 2018. MAG 5 Property Development is a joint venture of MAG Property Development and MBM Holding.

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: “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.”