Friday 14 August 2020

Russians top buyers of Seven Tides’ SE7EN project

DUBAI, September 11, 2019

UAE-based property developer Seven Tides said that it has sold 260 apartments within its SE7EN Residences The Palm development - with Russian, UK and Brazilian investors having bought over 38 per cent 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 the fourth quarter (Q4) of 2020.

Russian nationals have been the top investors by volume, buying 45 units (17 per cent), while UK investors acquired 32 units (12 per cent) closely followed by Brazilian investors who snapped up 24 apartments (nine per cent). Other notable investors came from Germany (eight per cent), Poland (seven per cent) and Belgium (five per cent).

Interestingly, Russian and Brazilian investors have snapped up over 26 per cent 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 per cent guaranteed ROI over five years. These apartments start from Dh1 million ($272,000) for studios and range in size from 353 sq ft to 713 sq ft, while one-bedroom hotel apartments start from Dh2 million and range in size from 715 sq ft to 900 sq ft.

Bin Sulayem said: “As well as offering a guaranteed 10 per cent ROI over five years, investors also benefit from an attractive and easy payment plan consisting of a 5 per cent deposit followed by 10 per cent every quarter until 31 March 2020 with 15 per cent to be paid on 30 June 2020 and the outstanding 50 per cent to be paid on completion.”

Meanwhile, residential apartments in the development start from Dh751,029 for studios and range in size from 315 sq ft to 495 sq ft, one-bedroom apartments start from Dh1.2 million and range in size from 637 sq ft to 800 sq ft, two-bedroom apartments start from Dh2.1 million and range in size from 1,095 sq ft to 1,131 sq ft and three-bedroom apartments start from Dh3.8 million and range in size from 1,665 sq ft.

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 per cent deposit, followed by 6 per cent upon signing the SPA and 10 per cent every quarter thereafter until 31 March 2020 – with 15 per cent 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.”  – TradeArabia News Service


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