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Contractor named for Dubai South project

MAG 5 Property Development, a real estate company formed by MAG Property Development and MBM Holding, has announced that Fujairah National Construction Company (FNC) will be the main contractor for its MAG 5 Boulevard project at Dubai South.
"MAG 5 Boulevard is our first medium-income housing community in the UAE, with prices starting from Dh380,555. Located within Dubai South's residential area of The Village adjacent to the Expo 2020 site, and with the whole area being developed in anticipation of this event, completing this project within two years was an important requirement of the project tender," said Talal Moafaq Al Gaddah, CEO of MAG 5 PD.
With a construction value estimated at Dh700 million, MAG 5 Boulevard will comprise 1,172 residential units, complemented by retail, dining, leisure and entertainment amenities. The project will break ground this month and will be spread over 800,000 sq ft. Phase 1 handover for the development is scheduled to commence in Q4 2018.
"FNC has an enviable portfolio for the delivery of premium real estate developments in the UAE. We are confident in their ability to bring MAG 5 Boulevard to the market within two years," added Al Gaddah. MAG Property Development has a property portfolio currently under development in excess of $3 billion.
- business@khaleejtimes.com