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Sat 20 Jun 2020 02:00 PM

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UAE property firm continues sales despite lockdown

More than 40 different nationalities have invested in the Seven Palm development

UAE property firm continues sales despite lockdown

Construction work is now over 30% complete on Seven Palm, which is scheduled for handover during Q1 2021 

UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides has recorded 250 residential unit sales between1st March and 31st May 2020.

Abdulla Bin Sulayem, CEO, Seven Tides said: “These are impressive sales figures given that during April and May, most of the world was still in lockdown. Indeed, although the UAE did not close its airports until the last week of March, many other countries such as Italy had been in lockdown since 9th March, which was swiftly followed by other European nations.

“So, despite tough trading conditions once again this project undoubtedly underscores the argument that a compelling proposition, based on quality, return and potential capital appreciation, will attract investment, irrespective of volatility in the financial markets and the current global economic sentiment.”

More than 40 different nationalities have invested in Seven Palm, with Europeans including UK nationals, enticed by the warm winter climate and luxury lifestyle in Dubai, were the top investors by volume, over the last five months, representing 52% of all sales. They were followed by Central Asians (28%) and Russians (17%).

The overall development was rebranded ‘Seven Palm’, at the end of 2019 with both component projects rebranded to ‘Seven Palm Hotel Apartments’ and ‘Seven Palm Residences’, respectively.  Apartment prices in Seven Palm range from AED 649,888 to AED 3,388,888. Both projects come with a revised and more flexible post-handover payment plan.

Construction work is now over 30% complete and scheduled for handover during Q1 2021 and this project also offers flexible payment plans to all investors.

To cope with the increased demand, Seven Tides’ sales office is now open seven days a week and has taken on more administrative staff to deal with increased sales enquiries from investors and brokers as well as managing a new sales booking system that deals more efficiently with volume.

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