SE7EN Residences The Palm development sees investors from 14 different countries invest in apartment units
Seven Tides, the UAE-based property developer, has said that it has sold 260 apartments within its SE7EN Residences The Palm development, with Russians, UK and Brazilian investors having bought up more than 38% of the project to date.
Construction work on the project – Seven Tides’ third on Palm Jumeirah – started in September 2018 and completion is due during the fourth quarter of 2020, the developer said in a statement. The 14-storey, two-tower complex is located next to Seven Tides’ second development on the Palm Jumeirah – Dukes, The Palm, A Royal Hideaway Hotel.
Russian nationals have been the top investors by volume, buying 45 units (17%), while UK investors have acquired 32 units (12%), closely followed by Brazilian investors with 24 apartments (9%). Other notable investors came from Germany (8%), Poland (7%) and Belgium (5%).
In all, investors came from 14 different countries, including Pakistan, Algeria, Canada, Kazakhstan, Ukraine, Austria, Greece and India.
According to the developer, Russian and Brazilian investors have been enticed by the luxury lifestyle and growing work opportunities in the UAE, which is now how to an estimated population of around 18,000 Russian expatriates and more than 55,000 Russian speakers from CIS countries. The UAE is also home to the third largest community of Brazilians in the Middle East.
“The nationality of investors in our SE7EN brand developments, and in particular our SE7EN Residences The Palm project, has been one of the most diverse that we have witnessed in recent years,” said Abdulla bin Sulayem, CEO of Seven Tides.
“Despite the tough trading conditions that many developers have been facing over recent months, SE7EN Residences The Palm remains a very attractive investment opportunity for investors from across the globe.
“This underscores the point that if you offer a compelling proposition, based on ROI, location and quality, they will invest irrespective of prevailing market sentiment.”
Joined at the top by an infinity pool, the project also features two restaurants on either side of the pool, a fully equipped gymnasium, direct beach access and various retail outlets, including a gourmet grocery store, laundry services and a pharmacy.
Hotel apartments at SE7EN Residences The Palm come with a developer-backed 10% guaranteed ROI over five years. These apartments start from $272,000 for studios and range in size from 353 sq ft to 713 sq ft, while one-bedroom hotel apartments start from $544,470 and range in size from 715 sq ft to 900 sq ft.
“As well as offering a guaranteed 10% ROI over five years, investors also benefit from an attractive and easy payment plan consisting of a 5% deposit followed by 10% every quarter until 31 March 2020 with 15% to be paid on 30 June 2020 and the outstanding 50% to be paid on completion,” Bin Sulayem said.
Meanwhile, residential apartments in the development start from $204,456 for studios and range in size from 315 sq ft to 495 sq ft, one-bedroom apartments start from $326,682 and range in size from 637 sq ft to 800 sq ft, two-bedroom apartments start from $571,693 and range in size from 1,095 sq ft to 1,131 sq ft and three-bedroom apartments start from $1.03 million and range in size from 1,665 sq ft.
Similar to the scheme for hotel apartments, investors can reserve their residence with just a 5% deposit, followed by 6% upon signing the SPA and 10% every quarter thereafter until 31 March 2020 – with 15% due to be paid on 30 June 2020 and the final outstanding balance to be cleared on completion.
“This is an excellent opportunity for serious investors to purchase a contemporary and stylish apartment on the much sough-after Palm Jumeirah. Not only is this prime real estate, which according to industry experts produces high yields, it will also benefit from consistent longer-term capital growth,” Bin Sulayem concluded.