Fujairah National Construction (FNC) has won an AED700M ($191M) contract from Mag 5 Property Development (MAG 5 PD) joint venture for a housing community project in Dubai South.
The MAG 5 Boulevard development will include 1,172 residential units, retail space, and food and beverage, leisure and entertainment amenities.
The 74,000sq m project, located within Dubai South’s residential area ‘The Village’ and adjacent to the Expo 2010 site and Dubai Parks, will be surrounded by running and cycling tracks, playgrounds, and community and retail centres.
Talal Moafaq Al Gaddah, MAG 5 PD’s chief executive, 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.”
The project is set to break ground this month.
* Dubai pictured.