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.
The project, valued at over AED1 billion and due for completion during Q2 2021, completely sold out phase one in less than a week following its launch in May 2018 – selling 661 apartments, valued at AED 301,863,775 million, sales now total over 800 units.
“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,” said Abdulla Bin Sulayem, CEO, Seven Tides.
“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. We estimate that studios should yield 12% per annum.”
Spread across 3.5 million square feet 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.
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.
Studio apartments start from AED 354,000, ranging in size from 384sqft to 416sqft, while one-bedroom apartments start at AED 683,000 and range in size from a minimum of 739sqft to a maximum of 800sqft. Prices of two-bedroom apartments start at AED 992,000 and the size is 1,073sqft. Finally, the entry price for three-bedroom apartments starts at AED 1.40 million and vary in size from 1,516sqft to 1,521sqft.
Bin Sulayem, added: “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.”
Caption: Pictured at the ground-breaking ceremony is (L-R) Mohamed Maarouf El Khoury, Director – Country manager UAE Deputy Regional Manager, Gulf and MENA, James Cubitt & Partners Ltd, Abdulla Bin Sulayem, CEO, Seven Tides and Salim Khoury, Chairman, Dutch Foundation & Processing Company.