UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides has recorded a 70% spike in sales over the past two months for its developments in Dubai.
Residential and hotel apartments, worth over AED 100 million were sold during December 2019 and January 2020, with Seven Palm, generating the lion’s share of sales revenue.
Abdulla Bin Sulayem, CEO, Seven Tides said: “The increased sales at Seven Palm were primarily due to Seven Tides’ decision at the beginning of December last year, to re-brand and relaunch both the hotel and residential apartment components of that development.
“The overall development is now branded ‘Seven Palm’, with both component projects re-branded to ‘Seven Palm Hotel Apartments’ and ‘Seven Palm Residences’, respectively. Both projects came with a revised and more flexible post-handover payment plan.”
Investors can now reserve an apartment with a 5% deposit, and 6% Sales Purchasing Agreement (SPA), followed by two installments of 5% due within three months and five months and then 9% inside 7 months, with a further 20% upon handover. Construction work is now over 25% complete and scheduled for handover during Q4 2020.
The remaining 50% balance, which is payable in installments within 12 months after handover, provides investors with the opportunity to offset a part of the purchase price during the first year of occupancy through a guaranteed return or rental income.
Russian nationals, enticed by the luxury lifestyle and growing work opportunities in the UAE, were the top investors by volume, over the last two months, while investors from Uzbekistan, were closely followed by UK and French investors.
To cope with the increased demand, Seven Tides’ sales office is now open seven days a week and has taken on more administrative staff to deal with increased sales inquiries from investors and brokers as well as managing a new sales booking system that deals more efficiently with volume.
Bin Sulayem concluded: “Despite the tough trading conditions this project undoubtedly reinforces the argument that if you offer a compelling proposition, based on ROI and location, as well as exceptional design and build quality, investors will commit irrespective of prevailing market sentiment. Indeed, if our current sales trends continue, certainly most of the Seven Palm project will be sold out shortly.”
