Seven Tides project sees high occupancy rates
Dubai, March 25, 2012
Seven Tides, the Dubai real estate developer and hospitality consultancy, has reported 99 per cent occupancy at its flagship Ibn Battuta Gate apartment building which boasts of stylish 156 one- and two-bedroom apartments.
The Ibn Battuta Gate apartment building is being managed by Dubai-based property expert Asteco.
It is located adjacent to the office tower and the five-star Mövenpick-managed Ibn Battuta Gate hotel, which are grouped together under the mixed-use development’s iconic 60-metre gateway arch.
With direct access to the main highway linking Dubai and Abu Dhabi and a Metro station directly opposite, which offers a convenient link to the city’s major commercial districts including Dubai World Trade Centre and Dubai International Financial Centre, the apartments are equally well placed for access to the Jebel Ali Free Zone as well as the Tecom Free Zone.
“The building’s strategic location and lifestyle benefits have been the success drivers from day one, with 70 per cent of the apartments rented to professionals working in Abu Dhabi but who prefer to live in Dubai and ongoing demand from other residents who want the convenience of having a five-star lifestyle, a major shopping mall, schools and healthcare on their doorstep,” said Michael Scully, managing director, Seven Tides.
The annual rents range from Dh60,000 ($16,334) up to Dh95,000 and includes a dedicated swimming pool and state-of-the-art gym, in addition to 24-hour security, Internet connection, satellite television, utility bills and parking. Each apartment also features built-in wardrobes and high quality finishings.
Cheryl Rixon, who works for the Abu Dhabi Education Council, opted to join the Ibn Battuta Gate ‘family’ on the recommendation of friends already living in the building.
“I looked at other apartments in the surrounding New Dubai area, but couldn’t find a comparable property to match the benefits offered here. It’s also really handy having the Ibn Battuta Gate hotel next door when family members come to visit,” she said.
The five-star Ibn Battuta Hotel is convenient not only to accommodate visiting family members, but also for top class entertainment and quality, themed restaurants.
Another added benefit is the Ibn Battuta shopping mall with about 111,500 sq m of leasable retail space and more than 265 stores. The complex also comes complete with a multi-screen cinema and a comprehensive food court.
In fact Nakheel the developers said recently that they had hired a consultant to examine doubling the mall from its current size of 325,160 sq m. The idea is to directly link the mall to the Metro station with a mix of retail, entertainment and hotels.
Prashant Verma, a petroleum accountant, has been a tenant for 15 months. “As a financial professional I can confidently say that for the size and quality, these apartments represent great value for money,” he added.-TradeArabia News Service
More Construction & Real Estate Stories
- Plaza Premium wins Abu Dhabi Airports contract
- Engineering experts attend Autodesk conference
- Dubai $114m freehold property in big demand
- Heavy Equipment enters Qatar market
- Bahrain market to get $15.8m facelift
- Jacky’s unveils new 3D printers
- Technip wins $400m Kuwait PMC contract
- Arab investors eyeing Turkish property
- Arabtec denies Drake merger speculation
- Saudi's ACWA signs $472m sukuk financing