Seven Tides's latest update on sales of residences, hotel rooms and hotel apartments at its two luxury Palm Jumeirah developments – the Anantara Residences and Dukes Dubai – reveal that GCC investor interest is outperforming a challenging market environment.
One-bedroom hotel apartments at the 2015-released British-themed Dukes Dubai project are now 90% sold out, the Dubai-based property developer said in a statement.
This follows the December 2015 release of phase one of the Anantara hotel rooms project, which saw all 73 units snapped up within days of the announcement, and 65% of the total number of Anantara Residences already sold.
“Both of our Palm Jumeirah projects benefit from the fact that they are luxury developments located within a unique luxury-led island community; with Anantara having the added value of the backing of a renowned global hospitality brand, and Dukes positioned as a quintessentially ‘Best of British’ lifestyle experience.
"This is being recognised by the investment community, particularly from within the GCC as a sound portfolio opportunity,” said Seven Tides CEO Abdulla bin Sulayem.
Asteco MD John Stevens added: “We’ve had two exceedingly good months on the sales front, despite current market conditions, which reflects Seven Tides’ commitment to delivering quality products that are designed to speak directly to both end-users and investors.
“We are seeing a lot of interest primarily from GCC investors, from Saudi Arabia, Qatar, the UAE, as well as India.”
He added: “The DUKES units are for investment purposes only and are the perfect hassle-free investment; sold on a freehold, fully furnished basis. As part of the hotel-managed rental scheme, purchasers have peace of mind from day one plus the fact for the first five years they are exempt from service charges, maintenance fees and utility bills.”
Seven Tides’ Anantara Residences project also comes with a three-year developer-backed guarantee of 10% (paid quarterly).
Handled exclusively by Asteco, the appointed sales agent for the development, the hotel rooms range in size from 530-650 square feet with the Residences ranging in size from 500 square feet studios up to a 14,000 square feet for the penthouses.
“The Anantara Residences project has been extremely well received by the international investment community, and with the option of a classic residence and now the recently released hotel rooms, this has opened up the project to a wide range of potential investors for whom quality and value for money, combined with a strong ROI, is a prerequisite to purchase,” Bin Sulayem commented.
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