UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides has announced that it has sold 260 apartments within its SE7EN Residences The Palm development – with Russian, UK and Brazilian investors having bought over 38% of the project to date.
Construction work on the project – which is Seven Tides’ third project on Palm Jumeirah – started in September 2018, with completion due during Q4 2020.
Russian nationals have been the top investors by volume, buying 45 units (17%), while UK investors acquired 32 units (12%) closely followed by Brazilian investors who snapped up 24 apartments (9%). Other notable investors came from Germany (8%), Poland (7%) and Belgium (5%).
Interestingly, Russian and Brazilian investors have snapped up over 26% of the project to date – enticed by the luxury lifestyle and growing work opportunities, the UAE now has an estimated population of around 18,000 Russian expatriates and more than 55,000 Russian speakers from CIS countries. Meanwhile, the UAE is home to the third largest community of Brazilians in the Middle East.
In all, investors came from 14 different countries, including Pakistan, Algeria, Canada, Kazakhstan, Ukraine, Austria, Greece and India.
Abdulla bin Sulayem, CEO, Seven Tides, said: “The nationality of investors in our SE7EN brand developments, and in particular our SE7EN Residences The Palm project, has been one of the most diverse that we have witnessed in recent years.
“Despite the tough trading conditions that many developers have been facing over recent months, SE7EN Residences The Palm remains a very attractive investment opportunity for investors from across the globe.
“This underscores the point that if you offer a compelling proposition, based on ROI, location and quality, they will invest irrespective of prevailing market sentiment.”
The 14-storey two tower complex, joined at the top by stunning infinity pool, is located next to Seven Tides’ second development on Palm Jumeirah, DUKES The Palm, A Royal Hideaway Hotel. Providing views over the Dubai Marina skyline, the development also features two restaurants either side of the pool, a fully equipped gymnasium, direct beach access and various retail outlets including a gourmet grocery store, laundry services and a pharmacy – to name but a few.
Hotel apartments at SE7EN Residences The Palm come with a developer-backed 10% guaranteed ROI over five years. These apartments start from AED 1 million for studios and range in size from 353sqft to 713 sqft, while one-bedroom hotel apartments start from AED 2 million and range in size from 715sqft to 900sqft.
Bin Sulayem, said: “As well as offering a guaranteed 10% ROI over five years, investors also benefit from an attractive and easy payment plan consisting of a 5% deposit followed by 10% every quarter until 31 March 2020 with 15% to be paid on 30 June 2020 and the outstanding 50% to be paid on completion.”
Meanwhile, residential apartments in the development start from AED 751,029 for studios and range in size from 315sqft to 495sqft, one-bedroom apartments start from AED 1.2 million and range in size from 637sqft to 800sqft, two-bedroom apartments start from AED 2.1 million and range in size from 1,095sqft to 1,131sqft and three-bedroom apartments start from AED 3.8 million and range in size from 1,665sqft.
These apartments are sold furnished with high-end fittings and finishes plus walk-in wardrobes and en-suite bathrooms with rain showers. Kitchens are fully equipped with cooking range appliances and breakfast counters.
Similar to the scheme for hotel apartments, investors can reserve their residence with just a 5% deposit, followed by 6% upon signing the SPA and 10% every quarter thereafter until 31 March 2020 – with 15% due to be paid on 30 June 2020 and the final outstanding balance to be cleared on completion.
Bin Sulayem, concluded: “This is an excellent opportunity for serious investors to purchase a contemporary and stylish apartment on the much sough-after Palm Jumeirah. Not only is this prime real estate, which according to industry experts produces high yields, it will also benefit from consistent longer-term capital growth.