UAE-based upscale residential, hospitality and commercial property developer Seven Tides said it has witnessed an overwhelming response from investors for Se7en City JLT, its first mixed-use development at Jumeirah Lakes Towers.

The Emirati firm said all the 661 apartments worth Dh301.8 million ($82 million) in Phase One of the project have been snapped up within a week of its launch, thus prompting it to launch Phase Two in the coming months.

The Se7en City JLT, being developed at an estimated cost of Dh1.3 billion ($354 million), will house 2,635 residential units. Around 15 per cent of the project has already been completed and it will be ready within three years.

On the solid response, Seven Tides CEO Abdulla Bin Sulayem 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 (return on investment), location and quality, they will invest irrespective of overall market sentiment and that is essentially, our three-pronged marketing strategy," he noted.

Bin Sulayem pointed out that Seven Tides was 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 payments equal to six per cent of the cost price to be paid every subsequent quarter, with a completion date of the third quarter of 2021. We estimate that studios should yield 12 per cent per annum," he stated.

Studio units proved to be most popular with 572 units worth Dh226.8 million being sold out, followed by one-bedroom units which recorded sales worth Dh51.3 million and sales of two- and three-bedroom units were worth Dh236.8 million, said the developer.

Seven Tides pointed out that the nationality of investors was one of the most diverse it had witnessed in recent years.

"Indian investors have bought 17 per cent of the units sold so far; while UAE nationals and Pakistani investors purchased seven per cent each; followed closely by British, Russian, Saudi and Canadian nationals, acquiring 6.8 per cent, 6.1 per cent, 5.1 per cent and 4.7 per cent respectively," he noted.

“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,” stated Bin Sulayem.

According to studies in the US, young professionals now prefer to live in diverse-use communities, enjoying an urban lifestyle, working, living and experiencing an urban environment and Se7en City JLT is designed to provide everything a resident might possibly want, with retail, entertainment, food and beverage outlets, a nursery, gym and a health club.

"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," stated Bin Sulayem.

"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," he added.-TradeArabia News Service