Airolink secures Seven Tides Jumeirah tower project contract
DUBAI, August 30, 2020
UAE-based upscale residential, hospitality and commercial property developer Seven Tides has appointed Airolink as the main building contractor, for the construction of its Seven City JLT development at Jumeirah Lake Towers, in Dubai.
Airolink, which was founded in Ireland in 2001, expanded into the Middle East in 2008, with offices in Dubai and Abu Dhabi. The company has worked on many prestigious projects over the past 12 years in the educational, commercial, retail, residential and hotel sectors.
Valued at over AED1 billion ($272.2 million), Seven City JLT boasts 2,744 units – with its residential element consisting of 2,617 studios, one-, two- and three-bedroom apartments, plus 78 hotel rooms.
The key development, with a total built-up area of 3.5 million sq ft and situated within Cluster Z in DMCC, is due for completion in the second quarter of 2023.
On the new contract, CEO Abdulla Bin Sulayem said: "Airolink is well established, has a solid reputation along with a wealth of experience across numerous sectors, which is ideal for this development."
"Work is well under way on site and we are already working with Airolink at our Seven Palm development on Palm Jumeirah, so this should be a smooth transition," he noted.
The Seven City JLT's striking design sits upon a common podium, which plays host to promenade restaurants overlooking a lake. The tower also features a fully equipped gym, health club, infinity pool, children’s pool, 12 Sky Gardens, cafes, plus other dining options.
The development also features a large retail offering with 49 retail units, covering 150,000 sq ft over three floors, which will include a three-screen cinema, hypermarket, as well as 2,617 car parking spaces, with an additional 312 spaces dedicated to retail customers, including valet.
Studio apartments start from AED384,888, ranging in size from 384 sq ft to 416 sq ft, while one-bedroom apartments start at AED723,888 and range in size from a minimum of 734 sq ft to a maximum of 890 sq ft.
Prices of two-bedroom apartments start at AED1.10 million and the size is 1,073 sq ft. Finally, the entry price for three-bedroom apartments starts at AED1.67 million, covering 1,516sqft of space, said Bin Sulayem.
At the initial launch of the project, phase one of the residential units was completely sold out in less than a week and the remaining units will be offered to the market in due course.
“We are providing excellent value at a competitive price point. In addition, we offer a very attractive easy payment option consisting of a 5% deposit, followed by payments equal to 6% of the cost price to be paid every subsequent quarter. We estimate that studios should yield 12% per annum,” he added.-TradeArabia News Service
