UAE - Mubasher: MAG Development, MAG Holding Group’s real estate development arm, on Sunday announced it has launched four major residential projects with AED 8 billion in investments.
The four projects are MAG City, Meydan, Al Furjan Villas, and MPL Tower in Jumeirah Lakes Towers, according to a press release.
Moreover, the company has launched a comprehensive programme of AED 120 per day payment option upon which customers can own to own a property in Dubai without any additional terms or fees.
The new programme provides customers with easy payment plans over long periods of up to 20 years.
This comes as an attempt to expand the company's footprint in the emirate's real estate sector, the release said.
Talal Moafaq Al Gaddah, CEO of MAG Development, 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," Al Gaddah added.
He also pointed out that all developers should take part in boosting the momentum of Dubai's trends and the government's interest in creating a balance in the real estate supply to meet the growing demand for affordable housing options.
The programme offers payment periods vary between 10, 15 and 20 years where customers are not required to pay registration fees, service fees or any other administrative fees, along with additional benefits including life insurance and programmes for protecting employees from job loss, he highlighted.
"We have a long-term vision 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," Al Gaddah said.
