Seven Tides begins work on first mixed-use development in Dubai’s JLT district
Seven Tides says it has broken ground on its billion dirham ($270 million) SE7EN City JLT development in Dubai.
SE7EN City JLT is due for completion by Q2 2021 and its the residential, hospitality and commercial property developer’s first mixed-use development in Jumeirah Lake Towers (JLT). The firm added in a statement that it, “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.”
Situated within Cluster Z in DMCC, the development comprises 2,744 units and a total development area of 325,000 sqm. The 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 Seven Tides: “The cluster 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 totaling 2,718, with an additional 620 spaces dedicated to retail parking, including valet.”
“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,” added Bin Sulayem.