Fujairah National Construction Company (FNC) will be the main contractor for the MAG 5 Boulevard, a residential housing project at Dubai South being developed by MAG 5 Property Development (MAG 5 PD).
With a construction value estimated at AED 700mn ($190mn), the development will comprise of 1,172 residential units, alongside an array of retail, dining, leisure and entertainment options.
The project will break ground this month and is destined to become a 24-hour living, walkable community spread over 800,000 sq. ft. of land. Phase 1 handover for the development is scheduled to commence in Q4 2018.
MAG 5 is located within Dubai South’s residential area of “The Village” adjacent to the Expo 2020 site and Dubai Parks.
Talal Moafaq Al Gaddah, CEO, MAG 5 PD, said: “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 and in doing so, create the ultimate quality affordable living in one of the city’s most sought-after locations, Dubai South.”