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Dubai: Seven Tides JLT project sells out; generates AED300mn sales

UAE-headquartered developer, Seven Tides, announced that it has sold 661 apartments, valued at AED300mn since
the sales launch of its first mixed-use development in Jumeirah Lakes Towers (JLT), in Dubai, SE7EN CITY JLT.

Abdulla Bin Sulayem, CEO, Seven Tides, said: “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. 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 AED226mn, followed by one-bedroom units which recorded sales worth AED51mn, and sales of two- and three-bedroom units were worth AED236mn.

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.

Bin Sulayem added: “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. 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.”

The project, valued at AED1.3bn, consisting of 2,635 units, is already 15% complete and due for completion within 36 months. The development is spread over 32.5ha 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 13,935sqm 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 AED354,000, ranging in size from 35.6sqm to 38.6sqm, while one-bedroom apartments start at AED683,000 and range in size from a minimum of 68sqm to a maximum of 82sqm. Prices of two-bedroom apartments start at AED992,000 and the size range from 85.5sqm to 100sqm. Finally, the entry price for three-bedroom apartments starts at AED1.4mn and vary in size from 140sqm to 141sqm.

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