Gulf Construction Online - Seven Tides breaks ground on $272m JLT tower

Real Estate

Seven Tides breaks ground on $272m JLT tower

01 February 2019

UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides has broken ground on the Dh1-billion ($272 million) SE7EN City JLT, its first mixed-use development in Jumeirah Lake Towers (JLT), in Dubai.

Spread across 3.5 million sq ft and situated within Cluster Z in DMCC, opposite the Montgomery and Emirates’ golf courses and the Emirates Hills community, the development is made up of 2,744 units – with its residential element consisting of 2,617 studio, one-, two- and three-bedroom apartments as well as a limited number of duplex apartments, plus 78 hotel rooms.

The project is due for completion during the second quarter of 2021.

According to Seven Tides, Phase One of the project was completely sold out in less than a week following its launch in May last year with the group selling a total of 661 apartments worth Dh301.8 million. In total, the developer says it has sold over 800 housing units in the SE7EN City JLT tower till date.

CEO Abdulla Bin Sulayem, comments: “To sell out Phase One of our project in less than one week is remarkable, particularly given the tough trading conditions many developers are facing. We are offering excellent value at a competitive price point. In addition, we offer a very attractive easy payment option consisting of a five per cent deposit, followed by payments equal to six per cent of the cost price to be paid every subsequent quarter.”

The striking tower sits upon a common podium, which hosts promenade restaurants overlooking a lake.

The tower also features a gym, health club, infinity pool, children’s pool, a roof garden, cafes, other dining options, a large retail offering featuring 48 retail shops, covering 150,000 sq ft over three floors, which will include a hypermarket, as well as 2,718 car-parking spaces totalling 2,718, with an additional 620 spaces dedicated to retail parking.