MAG 5 Boulevard, a development by MAG 5 Property Development, saw 50% of its phase 2 sell out during the first week, according to a press release issued Sunday.
The development is an AED 800 mn gated community low-rise project in the Dubai Greenbelt and according to the company offers an expected 10% yield for purchasers. It also offers a payment plan with 45% of the purchasing price to be paid at handover, which is expected in the second quarter of 2019.
The entire project comprises of an area of over 800,000 square feet and of 13 buildings, providing 1,172 housing units at prices between AED 499,999 and AED 1,480,000. The handover of phase 1 is expected to commence in the fourth quarter of 2018.
MAG 5 Property Development is a joint venture by MAG Property Development and MBM Holding, aiming at the affordable housing sector.