Property builder Seven Tides will build a $350 million (AED1.3bn), 2,635-unit residential building - Seven City JLT - in Dubai’s Jumeirah Lake Towers, CEO Abdullah bin Sulayem said on Thursday.
Speaking exclusively to Arabian Business, Bin Sulayem said that the “beautiful” project – which will take up an entire cluster – will also include 150,000 square feet of retail space, as well as one, two and three-bedroom units and a rooftop pool.
In addition to the ground and mezzanine level, the project will include five floors of podium and 27 floors of residential units, with two basement parking areas dedicated to the retail portion of the project.
Bin Sulayem added that the project will overlook the Emirates and Montgomerie golf clubs, as well as views of the Palm Jumeirah, the Ain Dubai observation wheel, the lakes at JLT and Jumeirah Islands.
“Wherever you are in the building, you will have a view,” he said. “It’s just a matter of preference and what people would pay more for.”
The project is already 15% complete and due for completion within 36 months, by Q3 2021.
According to Bin Sulayem, the project has been built with the convenience of the residents in mind.
“Customers will like this idea, because it’s self-contained,” he said. “The majority of our end users, I believe, will be expats, and they’ll like to have their residential unit within a community [in which] they don’t need to go out in a car.”
The key to this approach, he said, will be the retail portion of the building.
“My main focus [with regards] to making the retail successful is to be very picky with what we have to offer the tenants,” he noted. “I need to make sure they will have their own pharmacy, supermarket, some entertainment, good F&B, a nursery, a nice coffee shop to chill.
“Basically, whoever is living there can enjoy their lifestyle without having to go in a car. We need to have a good mix,” he added.
The project marks a departure from previously announced plans for the JLT plot that were unveiled in mid-2017, which called for three towers – two residential buildings and a hotel – to be built in the cluster.
“Today you need to think out of the box. There are usually three towers in each cluster, but this [new] design reduces the time of construction,” Bin Sulayem said.
“That was our main purpose. [The new design] reduces our cost, and reduces the time of construction, which means that our potential buyers will receive their units faster and they will become more attractive.”
Studio apartments start from AED354,000 ($96,400), ranging in size from 384sqft to 416sqft, while one-bedroom apartments start at AED 683,000 ($186,000) and range in size from a minimum of 739sqft to a maximum of 800sqft.
Prices of two-bedroom apartments start at AED992,000 ($270,000) and the size is 1,073sqft. The entry price for three-bedroom apartments starts at AED1.40 million ($380,000) and vary in size from 1,516sqft to 1,521sqft.
Payment option consists of a 5% deposit, followed by payments equal to 6% of the cost price, to be paid every subsequent quarter, with a completion date of Q3 2021.
"We estimate that studios should yield 12% per annum,” Bin Sulayem added.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.