Indian, UK and Emirati investors buy over 37% of SE7EN City JLT project
The entire development, which is valued at over AED1bn, is due for completion during Q4 2021.
Indian, UK and Emirati investors have bought over 37% of the SE7EN City JLT project to date, which is being developed by UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides.
Phase one was completely sold out in less than a week following its launch last year – to date investors have bought 652 apartments, valued at over AED300m. The entire development, which is valued at over AED1bn, is due for completion during Q4 2021.
Indian nationals were the top investors by volume, buying 118 units (18%), while Emirati investors acquired 65 units (10%) closely followed by UK investors who snapped up 58 apartments (9%). Other notable investors came from Pakistan (6%), Saudi Arabia (5%) and Russia (4%).
In all, investors came from 16 different countries, including Canada, Egypt, Romania, France, China, Lebanon, America, Jordan, Ireland and Ukraine.
“It is very interesting that investors from so many different countries have found SE7EN City JLT and Dubai as a destination, such an attractive proposition, especially when we are competing not only with other local and regional developments but international ones too.
“However, 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 6% upon signing the SPA and subsequently 1% every month. We estimate that studios should yield 12% per annum and let’s face it, ROI translates into every language,” said Abdulla Bin Sulayem, CEO, Seven Tides.
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, 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 150,000sqft 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 416,000, ranging in size from 386sqft to 416sqft, while one-bedroom apartments start at AED 723,000 and range in size from a minimum of 739sqft to a maximum of 801sqft. Prices of two-bedroom apartments start at AED 1 million and the size is 1,073sqft. Finally, the entry price for three-bedroom apartments starts at AED 1.47 million and vary in size from 1,516sqft to 1,521sqft.
“During our research, we found Millennials prefer to live in diverse-use communities, amongst high-rise multiplexes as opposed to houses, which is already evident in JLT - a magnet for young professionals.
“They enjoy an urban lifestyle – working, living and experiencing the urban environment with offices, bars and restaurants only minutes away either on foot or by metro and all at an affordable cost, representing excellent value-for-money,” added bin Sulayem.