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Tue 18 Feb 2020 01:56 PM

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Dubai developer sees $27m spike in sales after rebrand

Seven Tides says it has recorded a 70% jump in sales over the past two months for its developments in Dubai

Dubai developer sees $27m spike in sales after rebrand

UAE-based upscale developer Seven Tides said on Tuesday it has recorded a 70 percent spike in sales over the past two months for its developments in Dubai.

Residential and hotel apartments worth over AED100 million ($27 million) were sold during December and January, with Seven Palm, generating the lion’s share of sales revenue, revealed Abdulla Bin Sulayem, CEO, Seven Tides.

He said: “The increased sales at Seven Palm were primarily due to Seven Tides’ decision at the beginning of December last year, to rebrand and relaunch both the hotel and residential apartment components of that development."

He added that construction work is now over 25 percent complete and scheduled for handover during the fourth quarter of 2020.

Russian nationals, enticed by the luxury lifestyle and growing work opportunities in the UAE, were the top investors by volume over the last two months, while investors from Uzbekistan, were closely followed by UK and French investors, he noted.

To cope with the increased demand, Sulayem said the Seven Tides’ sales office is  now open seven days a week and has taken on more administrative staff to  deal with increased sales enquiries.

He added: “Despite the tough trading conditions this project undoubtedly reinforces the argument that if you offer a compelling proposition, based on ROI and location, as well as exceptional design and build quality, investors will commit irrespective of prevailing  market sentiment. Indeed, if our current sales trends continue, certainly most of the Seven Palm project will be sold out shortly.”