- 661 apartment transactions take place inside one week
- Investors comprise 14 different nationalities
- Phase two now launched
- Tower complex in Jumeirah Lakes Towers, features 2,635 residential apartments
- Development to be ready by 2021
UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides has announced that it has sold 661 apartments, valued at AED 301,863,775 million since the sales launch of its first mixed-use development in Jumeirah Lakes Towers (JLT), in Dubai, SE7EN CITY JLT, on Thursday 24th May 2018.
“To sell out phase one of our project in less than one week is remarkable and due to that success, we are now launching phase two of the project,” said Abdulla Bin Sulayem, CEO, Seven Tides.
“Furthermore, this underscores the point that if you offer investors a compelling proposition, based on ROI, location and quality, they will invest irrespective of overall market sentiment and that is essentially, our three-pronged marketing strategy.
“We are offering excellent value at a competitive price point. In addition, we offer a very attractive easy payment option consisting of a 5% deposit, followed by payments equal to 6% of the cost price to be paid every subsequent quarter, with a completion date of Q3 2021. We estimate that studios should yield 12% per annum.
Studio units proved to be most popular with 572 sales valued at AED 226,844,420, followed by one-bedroom units which recorded sales worth AED 51,335,958 and sales of two and three-bedroom units were worth AED 236, 833, 970.
The nationality of investors was one of the most diverse Seven Tides has witnessed in recent years. Indian investors have bought 17% of the units sold so far; UAE nationals and Pakistani investors purchased 7% each; followed closely by British, Russian, Saudi and Canadian nationals, acquiring 6.8%, 6.1%, 5.1% and 4.7% respectively.
“In total, investors from 14 different countries have secured units during our initial sales launch, which underscores the broad-based appeal SE7EN CITY JLT, is having with investors,” said Bin Sulayem.
According to studies in the US, young professionals now prefer to live in diverse-use communities, enjoying an urban lifestyle, working, living and experiencing an urban environment and SE7EN CITY JLT is designed to provide everything a resident might possibly want, with retail, entertainment, food and beverage outlets, a nursery, gym and a health club.
“And when residents do venture outside, they’ll still be able to enjoy the urban vibe, with the excitement and fast-paced, hustle and bustle of city life, right on their doorstep. Alternatively, in complete contrast, residents will also enjoy the stunning panoramic views of Jumeirah Islands, the Montgomerie and Emirates Golf Courses, the Palm Jumeirah, Dubai Marina and Jumeirah Beach Residences,” added Bin Sulayem.
The project, valued at AED 1.3 billion, consisting of 2,635 units, is already 15% complete and due for completion within 36 months. The development is spread over 3.5 million square feet and situated within Cluster Z in DMCC, opposite the Montgomery and Emirates’ golf courses and the Emirates Hills community and its residential element consists of studio, one, two and three-bedroom apartments as well as a limited number of duplex apartments.
The striking design sits upon a common podium, which plays host to promenade restaurants overlooking a lake. The tower also features a gym, health club, infinity pool, children’s pool, a roof garden, cafes, other dining options, a large retail offering, covering 150,000 sqft over three floors, which will include a hypermarket, as well as car parking spaces totalling 2,699, with an additional 620 spaces dedicated to retail parking, including valet.
Studio apartments in SE7EN CITY JLT start from AED 354,000, ranging in size from 384sqft to 416sqft, while one-bedroom apartments start at AED 683,000 and range in size from a minimum of 734sqft to a maximum of 890sqft. Prices of two-bedroom apartments start at AED 992,000 and the size range from 921sqft to 1073sqft. Finally, the entry price for three-bedroom apartments starts at AED 1.40 million and vary in size from 1,512sqft to 1,521sqft.
Seven Tides has built an enviable international reputation for delivering high quality luxury hospitality and residential developments, with a track record that includes Anantara, DUKES, Oceana, Ibn Battuta Gate and an upcoming project The World Islands, where Seven Tides is creating an exclusive resort of 60 one and two-bedroom villas.