MAG Development launches $2.2bn worth of residential projects

MAG City, Meydan, Al Furjan Villas and MPL Tower in JLT are the projects being launched

MAG Development, the real estate development arm of MAG Holding Group, has announced the launch of residential projects worth a total of $2.2 billion.

In a statement, the developer said that MAG City, Meydan, Al Furjan Villas and MPL Tower in Jumeriah Lakes Towers are the projects being launched and that they include a comprehensive programme of $33 per day payment to own a property in Dubai. It asserted that such a move would boost the company’s presence in the emirate’s real estate sector.

The initiative will be the first of its kind in the region and will provide customers with the opportunity to pay $33 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.

MAG Development added that 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.

It added that this focus is reflected in their interest in creating a balance in the real estate sector to cater to growing demand of this segment.

“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 Mowaffaq Al Qaddah, CEO.

“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 also pointed out that the growing demand for medium-sized 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 concluded.

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