Dubai World Central was renamed to Dubai South last year and it seems that in UAE, a new name comes with a new status. Just after its renaming, the area came well within the development crosshairs of many developers who launched many enthusiastic development projects there. Among such developers was MAG 5 Property Development and it has just awarded the main construction contract for its MAG 5 Boulevard project in Dubai South to Fujairah National Construction Company.
Per plans, MAG 5 Boulevard will be strategically located within Dubai South’s residential area of “The Village” adjacent to the Expo 2020 site. It is company’s first affordable housing community targeted at the mid-income residents of Dubai. The developer promises exceptional residential lifestyle that redefines the quality of life, simplicity of design, functionality and efficient use. Prices of units here start from AED 380,555 with all apartments coming complete with spacious balconies.
The residential units would be located around UAE’s largest linear network of parks, the Greenbelt Park, and feature a variety of resort activities for residents such as jogging and cycling tracks, playgrounds, community and retail centres, etc. The community would also have quality educational institutes, medical and healthcare centres and commercial spaces in proximity.
The total construction value of this project is estimated at around the AED 700 million mark and per plans, MAG 5 Boulevard will consist of 1,172 residential units, including a variety of retail, dining and entertainment amenities.
The project is expected to break ground this month and become a 24-hour living, walkable community spread over 800,000 square feet of land upon completion. The developer said the phase one of the project would commence the handover of units in the fourth quarter of 2018.
Dubai South is gaining importance as it houses the venue of the highly anticipated Expo 2020. Developers here are focussing on completing all their launched projects before the year 2020 and experts say that the locality would be fully developed within four years.