MAG Property Development (MAG PD), the real estate development arm of MAG Group, has reported robust growth for the third quarter with 90 per cent sales closed for phase one of its MAG 5 Boulevard development in Dubai, UAE.

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 Dh5 billion ($1.36 billion) of projects in development, said the company in a statement.

MAG PD’s report also demonstrates the health of its property portfolio, which includes 12 projects currently under development across the UAE.

Its 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, it added.

On the solid performance, MAG PD CEO Talal M Al Gaddah said: "We have had an excellent quarter and year to date and have an extensive portfolio of live projects, which comprise 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," he noted.

Al Gaddah pointed out that MAG PD had 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," he noted.

According to him, MAG 5 Boulevard is the first medium income housing community in the UAE and offers exceptional residential living, with prices starting from Dh380,555 ($103,579) and is set to give investors a yearly yield of 10 per cent 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, he stated.

With a construction value estimated at Dh700 million ($191 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 the first quarter of 2018.-TradeArabia News Service