Dubai – MENA Herald: Dubai-based luxury property developer Seven Tides has released the latest update on sales of residences, hotel rooms and hotel apartments at its two luxury Palm Jumeirah developments – the Anantara Residences and DUKES Dubai – with GCC investor interest outperforming a challenging market environment.
One-bedroom hotel apartments at the 2015-released British-themed DUKES Dubai project are now 90% sold out with the developer recording unprecedented demand from investors across the region.
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 Abdulla bin Sulayem, CEO, Seven Tides.
“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,” said John Stevens, Managing Director, Asteco.
“We are seeing a lot of interest primarily from GCC investors, from Saudi Arabia, Qatar, the UAE, as well as India,” he added.
Starting from AED 1.8 million, the DUKES Dubai collection of 227 studio and one-bedroom apartment range in size from 376 to 882 square feet, are being marketed with the added bonus of a developer-backed ROI guarantee of 10% for five years.
“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,” said Stevens.
Seven Tides’ Anantara Residences project, which comprises North and South buildings, also comes with a three-year developer-backed guarantee of 10% (paid quarterly), has proved to be a popular choice for portfolio acquisitions as well as second homes.
With a starting price of AED 1.3 million the project is comprised of 120 studios, 192 two-bedrooms units, 236 one-bedroom apartments and 16 bespoke penthouses, along with the hotel rooms.
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 an impressive 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,” said Bin Sulayem.
A complete lifestyle experience is included in both developments with hotel guests enjoying full access to a range of exclusive leisure facilities and world-class dining and entertainment venues.
Established in 2004, Seven Tides has developed its own portfolio of commercial, residential and resort properties in some of the world’s most desirable locations. Its award-winning flagship hotel, DUKES London, is situated in the fashionable Mayfair district and has been a hospitality icon in the capital for well over a century.