Developer Seven Tides said more than 27% of the work on its prime development, Seven Palm, has been completed. The development is located on the Palm Jumeirah and the developer notes that handover is on track for Q4, 2020.
The development is now said to be branded Seven Palm, with both component projects rebranded to Seven Palm Hotel Apartments and Seven Palm Residences.
Seven Tides states that it is still receiving sales enquiries for the project despite the economic fallout and social restrictions due to the COVID-19 outbreak. The developer notes this is in part due to the volatile global financial markets, which are making investors cautious and forcing them to look for stable longer-term returns offered by off-plan developments.
Seven Tides CEO Abdulla bin Sulayem notes that demand for Seven Tides has remained robust because of the way it has adapted its business model, by turning to technology to overcome the social restrictions as well the administrative and payment process.
“We have introduced 3D virtual tours of our developments, so that investors can still make an informed decision from distance, with sales support on-hand in real time, to answer any specific questions,” explained Bin Sulayem.
He explained that prior to the outbreak, the developer saw a 70% spike in sales, worth $27.2m for its residential and hotel apartments, with the Seven Palm development generating the lion’s share of sales revenue.