Seven Tides breaks ground on $272mln Jumeirah project

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UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides has broken ground on SE7EN City JLT, its first mixed-used development in Jumeirah Lake Towers (JLT), in Dubai.

Spread across 3.5 million sq ft and situated within Cluster Z in DMCC, opposite the Montgomery and Emirates’ golf courses and the Emirates Hills community - the development is made up of 2,744 units - with its residential element consisting of 2,617 studio, one, two and three-bedroom apartments as well as a limited number of duplex apartments, plus 78 hotel rooms, said the statement from Seven Tides.

The project, valued at over Dh1 billion ($272 million), is due for completion during the second quarter of 2021, it stated.

According to Seven Tides, the Phase One of the project got completely sold out in less than a week following its launch in May last year with the group selling a total of 661 apartments worth Dh301.8 million.

Altogether, the developer has completed sale of over 800 housing units in the SE7EN City JLT tower till date, it added.

On the solid sales, CEO Abdulla Bin Sulayem, said: "To sell out phase one of our project in less than one week is remarkable, particularly given the tough trading conditions many developers are facing."

"We are offering excellent value at a competitive price point. In addition, we offer a very attractive easy payment option consisting of a 5 per cent deposit, followed by payments equal to 6 per cent of the cost price to be paid every subsequent quarter," he noted.

"We estimate that studios should yield 12 per cent per annum," he added.

According to the Dubai developer, the striking design sits upon a common podium, which plays host to promenade restaurants overlooking a lake.

The tower also features a gym, health club, infinity pool, children’s pool, a roof garden, cafes, other dining options, a large retail offering featuring 48 retail shops, covering 150,000 sqft over three floors, which will include a hypermarket, as well as car parking spaces totalling 2,718, with an additional 620 spaces dedicated to retail parking, including valet, said the statement.

Studio apartments start from Dh354,000, ranging in size from 384 sq ft to 416 sq ft, while one-bedroom apartments start at Dh683,000 and range in size from a minimum of 739 sq ft to a maximum of 800 sq ft.

Prices of two-bedroom apartments start at Dh992,000 and the size is 1,073 sq ft. Finally, the entry price for three-bedroom apartments starts at Dh1.40 million and vary in size from 1,516 sq ft to 1,521 sq ft.

Bin Sulayem said: "SE7EN City JLT is designed to provide everything a resident might possibly want, with various retail options, entertainment, food and beverage outlets, gym and a health club."

"However, when residents do venture outside, they’ll still be able to enjoy the urban vibe, with the excitement and fast-paced, hustle and bustle of city life, right on their doorstep," he added.

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