Seven Tides sees 70% jump in Dubai property sales

UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides said it has recorded a 70 per cent spike in sales over the past two months for its developments in Dubai.

The residential and hotel apartments, worth over Dh100 million ($27.2 million) were sold from December 2019 to January, with Seven Palm, generating the lions share of sales revenue.

CEO Abdulla Bin Sulayem said: "The increased sales at Seven Palm were primarily due to our decision at the beginning of December, to rebrand and relaunch both the hotel and residential apartment components of that development."

The overall development is now branded Seven Palm, with both component projects rebranded to Seven Palm Hotel Apartments and Seven Palm Residences, respectively. Both projects came with a revised and more flexible post-handover payment plan, stated Bin Sulayem.

Under this scheme, investors can now reserve an apartment with a 5% deposit, and 6% sales purchasing agreement (SPA), followed by two instalments of 5% due within three months and five months and then 9% inside seven months, with a further 20% upon handover.

According to him, the construction work is almost 25% complete and the project is scheduled for handover by year-end.

The remaining 50% balance, which is payable in instalments within 12 months after handover, provides investors with the opportunity to offset a part of the purchase price during the first year of occupancy through a guaranteed return or rental income, stated Bin Sulayem.

"Russian nationals, enticed by the luxury lifestyle and growing work opportunities in the UAE, were the top investors by volume, over the last two months, while investors from Uzbekistan, were closely followed by UK and French investors," he added.-TradeArabia News Service