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Sat 5 Mar 2016 01:01 AM

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Dubai's first Dukes branded hospitality project 90% sold

Developer Seven Tides says it has seen strong interest from Gulf investors despite challenging market conditions

Dubai's first Dukes branded hospitality project 90% sold
Seven Tides CEO Abdulla Bin Sulayem.

Dubai-based luxury property developer Seven Tides has announced that one-bedroom hotel apartments at the 2015-released British-themed Dukes Dubai project on Palm Jumeirah are now 90 percent sold out.

The company said in a statement that GCC investor interest is outperforming a challenging market environment.

This follows the December 2015 release of phase one of the Anantara hotel rooms project, which saw all 73 units snapped up within days of the announcement, and 65 percent of the total number of Anantara Residences already sold.

“Both of our Palm Jumeirah projects benefit from the fact that they are luxury developments located within a unique luxury-led island community, with Anantara having the added value of the backing of a renowned global hospitality brand, and Dukes positioned as a quintessentially ‘Best of British’ lifestyle experience. This is being recognised by the investment community, particularly from within the GCC as a sound portfolio opportunity,” said Abdulla bin Sulayem, CEO, Seven Tides.

“We’ve had two exceedingly good months on the sales front, despite current market conditions, which reflects Seven Tides’ commitment to delivering quality products that are designed to speak directly to both end-users and investors,” said John Stevens, managing director, Asteco.

“We are seeing a lot of interest primarily from GCC investors, from Saudi Arabia, Qatar, the UAE, as well as India,” he added.

Starting from AED1.8 million, the Dukes Dubai collection of 227 studio and one-bedroom apartment range in size from 376 to 882 square feet, are being marketed with a developer-backed return on investment guarantee of 10 percent for five years. 

Seven Tides’ Anantara Residences project, which comprises North and South buildings, also comes with a three-year developer-backed guarantee of 10 percent (paid quarterly).

With a starting price of AED1.3 million the project is comprised of 120 studios, 192 two-bedrooms units, 236 one-bedroom apartments and 16 bespoke penthouses, along with the hotel rooms.

“The Anantara Residences project has been extremely well received by the international investment community, and with the option of a classic residence and now the recently released hotel rooms, this has opened up the project to a wide range of potential investors for whom quality and value for money, combined with a strong ROI, is a prerequisite to purchase,” said Bin Sulayem.

A complete lifestyle experience is included in both developments with hotel guests enjoying full access to a range of exclusive leisure facilities and dining and entertainment venues.

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