Seven Tides Dukes Oceana already 80% sold

Dubai-based luxury property developer Seven Tides has reported that its development Dukes Oceana has shown strong investor interest, with 80% of its hotel apartments already sold.

Dukes Oceana, located on Palm Jumeirah next to Oceana Beach Club, will comprise a five-star 273-room hotel and adjacent 227-key serviced apartment building.

It is the first international property for the Dukes Collection brand, which has its flagship hotel, Dukes London, in the Mayfair area of the UK capital.

Asteco, the exclusive agent for the developer's latest hospitality project, has reported that 80 percent of hotel apartments have already sold.

There has also been a surge in demand for units within Seven Tides' other Palm Jumeirah development, the Anantara Residences, the statement said.

Check out our exclusive interview with Seven Tides CEO Abdulla bin Sulayem

"We have seen tremendous uptake for our inventory of studio and one-bedroom units, with 80 percent sold in the four months since the launch," said the Seven Tides boss.

Targeted at the regional and international investment community, Seven Tides is guaranteeing a return on investment (ROI) of 10 percent net per annum for the first five years, with remaining unit prices ranging from AED1.8-AED 2.7 million.

Seven Tides added that it has had similar success with its Anantara Residences, where units in the North and South Towers, including a handful of blank canvas penthouses, are being released on a phased basis by Asteco.

"The Anantara Residences have the added investor advantage of selling at the same price as for off-plan units, but are ready for immediate occupation or rental, so owners have complete peace of mind from date of purchase," said Bin Sulayem.