PUBLISHING PARTNERS

Comments Off on SE7EN CITY JLT Phase One Sold Out – Generates Over AED 300 Million In Sales

SE7EN CITY JLT Phase One Sold Out – Generates Over AED 300 Million In Sales

Posted by

UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides has announced that it has sold 661 apartments, valued at AED 301,863,775 million since the sales launch of its first mixed-use development in Jumeirah Lakes Towers (JLT), in Dubai, SE7EN CITY JLT, on Thursday 24th May 2018.

“To sell out phase one of our project in less than one week is remarkable and due to that success, we are now launching phase two of the project,” said Abdulla Bin Sulayem, CEO, Seven Tides.

“Furthermore, this underscores the point that if you offer investors a compelling proposition, based on ROI, location and quality, they will invest irrespective of overall market sentiment and that is essentially, our three-pronged marketing strategy.

“We are offering 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, with a completion date of Q3 2021. We estimate that studios should yield 12% per annum.

Studio units proved to be most popular with 572 sales valued at AED 226,844,420, followed by one-bedroom units which recorded sales worth AED 51,335,958 and sales of two and three-bedroom units were worth AED 236, 833, 970.

The nationality of investors was one of the most diverse Seven Tides has witnessed in recent years. Indian investors have bought 17% of the units sold so far; UAE nationals and Pakistani investors purchased 7% each; followed closely by British, Russian, Saudi and Canadian nationals, acquiring 6.8%, 6.1%, 5.1% and 4.7% respectively.

“In total, investors from 14 different countries have secured units during our initial sales launch, which underscores the broad-based appeal SE7EN CITY JLT, is having with investors,” said Bin Sulayem.

According to studies in the US, young professionals now prefer to live in diverse-use communities, enjoying an urban lifestyle, working, living and experiencing an urban environment and SE7EN CITY JLT is designed to provide everything a resident might possibly want, with retail, entertainment, food and beverage outlets, a nursery, gym and a health club.