UAE-based luxury property developer Seven Tides has appointed leading regional real estate services firm, Asteco, as the sole agent for its newly-launched project Dukes Oceana, Dubai.

Located on the Palm Jumeirah, this is the first international property for the Dukes Collection brand, whose flagship hotel Dukes London is a popular destination for GCC travellers.

The high profile five-star hotel and adjacent residences are already built, only the interior fit-out remains, so the project is scheduled for handover in the first quarter of 2016, said the statement from Seven Tides.

Established in 2004, Seven Tides has developed its own portfolio of commercial, residential and resort properties in some of the world’s most desirable locations.

Its award-winning flagship hotel, Dukes London, is situated in the fashionable Mayfair district and has been a hospitality icon in the capital for well over a century.

"Just one month after the launch of this development, 65 per cent of the hotel apartments have been sold representing the completion of phase one," remarked Abdulla bin Sulayem, CEO, Seven Tides.

"Just 35 per cent of the studio and one-bedroom units remain, and we are confident that with Asteco’s network of contacts and unrivalled market expertise, we will secure the additional investors required to close-out the sales for this one-of-a-kind project," he added.

Targeted at the regional and international investment community, Seven Tides is guaranteeing a return on investment (ROI) of 10 per cent net per annum for the first five years, making the Dukes Oceana, Dubai venture a highly attractive proposition.

Hotel Apartment prices will remain the same, which range from Dh1.1 to Dh2.6 million ($299,420 to $707,720) for the 376-822-sq ft studios, with one-bedroom units offering a spacious 832-882 sq ft, starting at Dh2.3 million ($626,060) and rising to Dh2.7 million ($734,940).

John Stevens, the managing director of Asteco, said: "It has been designed specifically for investment purposes and sold as fully-furnished freehold hotel apartments, benefitting from a number of advantages, not least of which is the location on Palm Jumeirah, the city’s ultra-desirable lifestyle community."

"Add to that the quintessentially ‘Best of British’ positioning that the Dukes hospitality brand is renowned for, and this makes for a solid investment opportunity that has already resonated with international investors,” noted Stevens.

Hotel guests of the apartments will have full access to the Dukes Oceana, Dubai suite of leisure facilities and support services, including a stunning private beach, indoor pool, and outdoor infinity pool plus state-of-the-art gym, along with a number of restaurants and lounges showcasing signature British, Asian, international cuisine.

Investors will also have full access to these facilities when utilising their hotel apartment for seven days per year, he stated.

“The calibre of investors choosing Dubai as a prime location for portfolio growth means that their expectations are extremely high when it comes to managing their investment, and with the Dukes operations team responsible for the day-to-day professional management of the apartments, they will have complete peace of mind,” said Stevens.-TradeArabia News Service