Thursday 12 December 2019

37pc of SE7EN City JLT project in Dubai sold out

DUBAI, July 23, 2019

Indian, UK and Emirati investors have bought over 37 per cent of the SE7EN City JLT project to date, which is being developed by UAE-headquartered Seven Tides, an upscale residential, hospitality and commercial property developer.

Phase One was completely sold out in less than a week following its launch last year – to date investors have bought 652 apartments, valued at over Dh300 million ($81.6 million). The entire development, which is valued at over Dh1 billion, is due for completion during Q4 2021.

Indian nationals were the top investors by volume, buying 118 units (18 per cent), while Emirati investors acquired 65 units (10 per cent) closely followed by UK investors who snapped up 58 apartments (nine per cent). Other notable investors came from Pakistan (six per cent), Saudi Arabia (five per cent) and Russia (four per cent).

In all, investors came from 16 different countries, including Canada, Egypt, Romania, France, China, Lebanon, America, Jordan, Ireland and Ukraine.        

“It is very interesting that investors from so many different countries have found SE7EN City JLT and Dubai as a destination, such an attractive proposition, especially when we are competing not only with other local and regional developments but international ones too,” said Abdulla Bin Sulayem, CEO, Seven Tides.

“However, we are offering excellent value at a competitive price point. In addition, we offer a very attractive easy payment option consisting of a five per cent deposit, followed by six per cent upon signing the SPA and subsequently one per cent every month. We estimate that studios should yield 12 per cent per annum and let’s face it, ROI (return on investment) translates into every language,” he added.
Spread across 3.5 million sq ft and situated within Cluster Z in DMCC, opposite the Montgomery and Emirates’ golf courses and the Emirates Hills community – the development is made up of 2,744 units – with its residential element consisting of 2,617 studio, one, two and three-bedroom apartments, plus 78 hotel rooms.  

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 featuring 48 retail shops, covering 150,000 sq ft over three floors, which will include a hypermarket, as well as 2,718 car parking spaces, with an additional 620 spaces dedicated to retail parking, including valet.

Studio apartments start from Dh416,000, ranging in size from 386 sq ft to 416 sq ft, while one-bedroom apartments start at Dh723,000 and range in size from a minimum of 739 sq ft to a maximum of 801sqft. Prices of two-bedroom apartments start at Dh1 million and the size is 1,073 sq ft. Finally, the entry price for three-bedroom apartments starts at Dh1.47 million and vary in size from 1,516 sq ft to 1,521sqft.

“During our research, we found Millennials prefer to live in diverse-use communities, amongst high-rise multiplexes as opposed to houses, which is already evident in JLT - a magnet for young professionals,” added bin Sulayem.  

“They enjoy an urban lifestyle – working, living and experiencing the urban environment with offices, bars and restaurants only minutes away either on foot or by metro and all at an affordable cost, representing excellent value-for-money.” – TradeArabia News Service


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