MAG Development unveils $2.2bln residential projects in Dubai
MAG Development, the real estate development arm of MAG Holding Group, on Sunday, announced the launch of its massive Dh8-billion ($2.2 billion) residential projects - MAG City, Meydan, Al Furjan Villas and MPL Tower in Jumeirah Lakes Towers - and a comprehensive programme of Dh120 ($33) per day payment option to own a property in Dubai, a move that will boost the company's presence in the emirate's real estate sector.
This exceptional initiative, which will be the first-of-its-kind in the region, provides the customers with the opportunity to pay Dh120 per day to own a house without any additional terms or fees and offers easy payment 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 and affordable housing, which is of great focus in the emirate, said the developer.
This focus reflects their interest in creating balance in the real estate sector to cater to the growing demand of this segment, it added.
CEO Talal Mowaffaq Al Qaddah said: "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."
"The new project, which is a special programme for affordable housing, and supports investors of all categories alike, is based on the company's vision that developers' policies must change to meet market demands and keep pace with its development and growth rates, as well as the diversity of projects," noted Al Qaddah.
He pointed out that the growing demand for medium-size housing units in the coming years posed a real challenge to real estate developers adding to their responsibilities to enhance the contribution in assuring market balance and translating Dubai's ambitions into reality.
"All payment plans are tailored specially for the programme, which means that the customer will not have to pay registration fees, service fees or any other administrative fees, while the payment periods vary between 10, 15 and 20 years. The programme also provides additional benefits such as life insurance and programmes for protecting employees from job loss," he added.