Dukes Oceana arrives in Dubai
The new project, launched by Seven Tides, brings both British charm and cosmopolitan luxury to the UAE. Abdulla bin Sulayem, CEO of Seven Tides, believes the hotel and residence appeals to a well-travelled global audience
Dubai-based luxury property developer and holding company, Seven Tides, unveiled its latest project, the Dukes Oceana hotel and residences in Palm Jumeirah. The luxury resort and residences are set to add an English flavour to the predominately arabesque island. This launch marks the first international property fir the Dukes Collection brand. Dukes London, flagship hotel of the brand, located in Mayfair district in London is a popular destination for GCC travelers. This will be the first property that Seven Tides will manage, according to the CEO, they chose Dukes Collection brand to stand out and not be like any other resort or residence. “We wanted to impress people by choosing Dukes.”
Established in 2004, Seven Tides has developed its own portfolio of commercial, residential and resort properties in prime locations. The Dukes Oceana will be centrally located on the trunk of Palm Jumeirah, which is a 10 minutes’ drive from Dubai Marina and Sheikh Zayed Road, and a 45 minutes from Dubai International Airport.
“With this launch we are bringing quintessential British charm and style to the UAE and blending it with cosmopolitan luxury to create a unique residence and hotel situated in the heart of Dubai’s most desirable island community, Palm Jumeirah,” says Abdulla bin Sulayem, CEO, Seven Tides. “We intend to make Dukes Oceana a home away from home.”
One of the most notable features of the new hotel is the location. The CEO emphasised on how its location is key and would help residents have a serene lifestyle.
“International HNWIs consider lifestyle appeal as a major criteria when looking to grow their investment portfolio and Palm Jumeirah fits the bill in every respect. This is further endorsed by Dubai’s longstanding reputation as a globally connected gateway and world-class commercial hub offering a high standard of living.”
He says that Dubai continues to offer value for money even at the top end of the investment spectrum, especially when it comes to apartment square footage compared to other major metropolises such as London or New York. “These studio and one-bed units are a great entry point or portfolio addition for investors looking for a secure return on investment.”
The CEO also emphasises that the Palm Jumeirah is an exceptionally good location within Dubai. He says: “Palm Jumeirah is also the only development in Dubai that has experienced an increase over its fourth quarter 2008 highs, with rates up by 4% in 2014 alone. Its unique and exclusive villa community positioning ensures its competitive edge in a fluctuating market.”
In terms of risks, the CEO says, the dip in oil prices or other similar factors wouldn’t affect the project as much as it would if it is a city hotel. “A resort is much less risky.”
However, he adds, “when it comes to risks, to put it simply: everything in life is a risk. We manage our risks on a monthly basis, to make sure we take calculated safe risks.”
The residences launched on April 14 for investors and other guests, with the show apartments open for viewing. The 227 studio and one-bedroom apartments target regional and international investment with Seven Tides guaranteeing a return on investment (ROI) of 10% per annum for the first five years.
The 273-room hotel will offer leisure and entertainment facilities including a stunning private beach, indoor pool, and outdoor infinity pool, along with gym facilities and a number of restaurants. The hotel is set to complete by the first quarter of 2016. Similar to the residences, regional and international investors looking for opportunities, will be guaranteed return on investment of 10%.
Chief engineer of Seven Tides, Allam Shalabi says: “We have made a promise to make this the most sustainable hotel in Dubai. The project’s lighting is 100% LED, with certified building materials, use of solar energy for heating water and a three part flush to conserve water.
The hotel also intends to access the Green Globe Certification following the footsteps of Seven Tides’ Mövenpick hotel.
It was also revealed at Cityscape Abu Dhabi, annual property show, that Seven Tides’ Dukes Oceana sold by 50% in less than a week after its launch.