Seven Tides unveils new payment plans for two projects in Dubai

Sunday 31 March 2019
Dubai - MENA Herald:

headquartered upscale residential, hospitality and commercial property developer Seven Tides has launched a series of new payment plans for two of its development projects in Dubai, including SE7EN City JLT and SE7EN Residences The Palm.

Potential investors can reserve an apartment at Seven Tides’ first mixed-use development SE7EN City JLT with just a 5% deposit and a 6% furniture down payment, followed by payments equal to 3% of the cost price to be paid every subsequent quarter until 31 May 2021, with the final 60% to be paid on completion.

SE7EN City JLT, valued at AED 1.3 billion and due for completion during Q4 2021, sold out phase one of the project in less than one week. The remaining units consist of studio, one, two and three-bedroom apartments.

Studio apartments start from AED 399,000 ranging in size from 386sqft to 416sqft, while one-bedroom apartments start at AED 723,000 and range in size from a minimum of 739sqft to a maximum of 800sqft. Prices of two-bedroom apartments start at AED 1 million and the size is 1,073sqft. Finally, the entry price for three-bedroom apartments starts at AED 1.40 million and vary in size from 1,517sqft to 1,521sqft.

Abdulla bin Sulayem, CEO, Seven Tides, said: “The nationality of investors in our SE7EN brand developments has been one of the most diverse that we have witnessed in recent years. Indian investors have bought 18% of the SE7EN City JLT units so far, while British and UAE national investors have purchased 9% each.

“To sell out phase one of SE7EN City JLT in less than one week was remarkable, particularly given the tough trading conditions many developers are facing.

“Over recent months, investors have noted their frustrations because they can see the ROI potential but for many it is a question of cash flow. As a result, we created these plans to make it as easy as possible for them – offering excellent value at a competitive price point, as well as a very attractive and easy payment option. In addition, we estimate that studios should yield 12% per annum.”

At SE7EN Residences The Palm, Seven Tides’ third project on Palm Jumeirah, an attractive payment plan, which comes with a developer-backed 10% of guaranteed ROI over five years, is on offer for studio and one-bedroom hotel apartments.

Hotel apartments are sold furnished with high-end fittings and finishes and priced at AED 1 million for studios and AED 1.9 million for one-bedroom apartments.

Residential apartments in the development start from AED 740,611 for studios and range in size from 315sqft to 495sqft, one-bedroom apartments start from AED 1.4 million and range in size from 560sqft to 847sqft, two-bedroom apartments start from AED 1.9 million and range in size from 1,021sqft to 1,131sqft and three-bedroom apartments start from AED 3.8 million and range in size from 1,512sqft.

These apartments are sold furnished with high-end fittings and finishes plus walk-in wardrobes and en-suite bathrooms with rain showers. Kitchens are fully equipped with cooking range appliances and breakfast counters.

Potential buyers can reserve an apartment in the luxury residential development with a 5% deposit of the total sale price, plus a 6% down payment on furniture. A further 5% would be required as the first installment, followed by a 10% payment every quarter thereafter until 30 June 2020, with the final 50% to be paid on completion.

Construction work on SE7EN Residences The Palm started in September 2018, with an estimated completion date of Q3 2020.

“Looking at SE7EN Residences The Palm investors to date, British nationals have bought 13% of the units sold; followed closely by Russian and Brazilian nationals, acquiring 12% and 9% respectively,” said Bin Sulayem.  

“Interestingly, Romanian nationals have bulk bought units across both SE7EN developments, while at SE7EN Residences The Palm we have seen bulk purchases from both German and Polish investors.”

At Anantara The Palm Dubai Residences, meanwhile, all units have already been sold excluding the final phase which features eight penthouse apartments in total.

The penthouse apartments start from AED 19.7 million and range in size from 4,808sqft to 9,037sqft. All units feature large terraces and swimming pools and are sold shell-and-core, ready to be fitted out by the owner.

Investors can take advantage of a payment plan which entails paying 10% on reservation and 90% upon signing the Sales & Purchase Agreement.

Bin Sulayem, concluded: “This is the perfect opportunity to buy a second, or holiday home and enjoy the facilities and amenities within the five-star resort.”

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