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Wed 30 May 2018 02:46 PM

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UAE developer posts nearly $82m JLT project sales in a week

Seven Tides says phase one of SE7EN CITY JLT is sold out, launches phase two of Dubai project

UAE developer posts nearly $82m JLT project sales in a week

UAE-based developer Seven Tides has announced that it has sold 661 apartments, valued at more than AED301 million ($81.8 million) since the sales launch of its first mixed-use development in Jumeirah Lakes Towers, Dubai.

The company said phase one of SE7EN CITY JLT was sold out in less than one week, adding that it is now launching phase two of the project.

Abdulla Bin Sulayem, CEO, Seven Tides, said: “This underscores the point that if you offer investors a compelling proposition, based on ROI, location and quality, they will invest irrespective of overall market sentiment and that is essentially, our three-pronged marketing strategy."

He said studio units proved to be most popular with 572 sales valued at AED226,844,420.

He added that the nationality of investors was one of the most diverse Seven Tides has witnessed in recent years with Indian investors buying 17 percent of the units sold so far, followed by UAE nationals and Pakistani investors and then British, Russian, Saudi and Canadian nationals.

“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,” said Bin Sulayem.

SE7EN CITY JLT also features retail, entertainment, food and beverage outlets, a nursery, gym and a health club.

The project, valued at AED 1.3 billion, consisting of 2,635 units, is already 15 percent complete and due for completion within 36 months.

Studio apartments in SE7EN CITY JLT start from AED354,000, while one-bedroom apartments start at AED683,000. Prices of two-bedroom apartments start at AED992,000 while the entry price for three-bedroom apartments starts at AED1.40 million.

Seven Tides has a portfolio that includes Anantara, DUKES, Oceana, Ibn Battuta Gate and an upcoming project The World Islands, where Seven Tides is creating an exclusive resort of 60 one and two-bedroom villas.