Residential projects worth Dhs8b to boost Dubai’s real estate sector

Business Bureau, Gulf Today

MAG Property Development, the real estate development arm of MAG Holding Group, announced the launch of its massive Dhs8 billion residential programme in Dubai, a move that boosts the company’s presence in the emirate’s real estate sector.

The new programme provides the customer with the opportunity to pay Dhs120 per day to own a house without any additional terms or fees and offers   easy repayment plans over long periods of up to 20 years.

The programme is in line with Dubai’s vision and market needs and is an active contribution to the Government’s policy on low-income housing, which is of great focus among decision-makers in the emirate. This focus reflects their interest in creating balance in the real estate sector to cater to the growing demand of this segment.

MAG Property Development housing programme, which supports the real estate market with attractive ideas, will be an immediate practical response to the message of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. His Highness stressed the need to find exceptional and innovative ideas and develop quality projects to push the emirate’s economy towards new horizon.

 “The programme will help to enhance the attractiveness of the Dubai market globally by attracting foreign investments into the sector, and luring qualified people to move and live in Dubai,” said Talal Moafaq Al Gaddah, MAG Property Development CEO .” The new initiative, which is a special programme for luxury affordable housing supports investors of all categories and creates opportunities for new type of limited income investors.

Al Gaddah noted that all developers are invited to increase the momentum of the emirate’s trends and the government’s interest in creating a balance in the real estate supply, and to meet the growing demand for affordable yet luxury housing options.

The growing demand for medium-size housing units in the coming years places real challenges to real estate developers adding to their responsibilities to enhance the contribution in assuring market balance and translating Dubai’s ambitions into realty.

 “This exceptional initiative, which will be the first of its kind in the region, an investment of Dhs8 billion will be injected into the market to provide four major projects: MAG City atMeydan, Al Furjan Villas and MBL Tower, in Jumeirah Lakes Towers,” he added.

Talal Moafaq AL Gaddah said that all payment plans are tailored specially for the program, which means the customer will not have to pay registration fees, service fees or any other administrative fees, while the repayment periods vary between 10 and 15 and 20 years. The program interduces the first all-inclusive payment packages also provides additional benefits such as life insurance and programs for protecting employees from job loss. The programme, which accommodates all categories with no pre- conditions, was specifically designed to help create demand in the emirate’s real estate market and support demand for affordable property.

“Our vision is a long-term one, as the parent group, MAG Holding, established 41 years ago , believes in Dubai’s real estate market and its perspectives  that boosted its  position at the forefront of global markets. We believe that Dubai is moving towards economic sustainability,” said  Al Gaddah.

He also emphasised the idea that MAG Property Development will continue to work on marketing real estate new concepts to provide customers with the best opportunities and support both the individual and  family financial  and stability plans in the long term . They bear in mind that the purchase of real estate is one of the most important bases that ensure the growth of the future economy in the happiest city in the world.

MAG Property Development focuses on projects that benefit long-term investors and clients. It is one of the most famous names in the local real estate sector, with a portfolio  of projects valued at $ 3 billion.

MAG Property Development has been awarded the ISO 9001: 2008 Certification in Quality Management Systems, which focuses on investment and long-term returns.

MAG Property Development did many projects that employ MAG Group’s development and innovation concepts and implement its strategy to be the leader in real estate development.

MAG Group treaded its first toe in the business world three decades ago, and since its inception in 1978, the Group has grown into a distinguished leading  group with more than 50 successful companies across the Middle East ,having  more than 2,000 employees. The group  diversified portfolio  covers sectors such as Engineering and Contracting, Industry and Trade, Shipping, Services and Hospitality.