Gulf Construction Online - Seven Tides’ Palm tower on track

Real Estate

Seven Palm is scheduled for handover in the fourth quarter.

Seven Tides’ Palm tower on track

01 May 2020

UAE-based upscale residential, hospitality and commercial property developer Seven Tides says more than 27 per cent of the work on its prime property, Seven Palm, located on Palm Jumeirah in Dubai, has been completed and is scheduled for handover in the fourth quarter of 2020.

The overall development is now branded ‘Seven Palm’, with both component projects rebranded to ‘Seven Palm Hotel Apartments’ and ‘Seven Palm Residences’, respectively.

Both projects came with a revised and more flexible post-handover payment plan.

Under the scheme, investors can now reserve an apartment with a five per cent deposit, and six per cent sales purchasing agreement, followed by two instalments of five per cent due within three months and five months and then nine per cent inside seven months, with a further 20 per cent upon handover.

The remaining 50 per cent, which is payable in instalments within 12 months after handover, provides investors with the opportunity to offset a part of the purchase price during the first year of occupancy through a guaranteed return or rental income, says Seven Tides.

The Emirati developer is still receiving frequent sales enquiries, particularly for its Seven Palm development on Palm Jumeirah, despite the economic fallout and social restrictions due to the Covid-19 outbreak, it states.

This is in part due to the volatile global financial markets which are naturally making investors cautious and forcing them to look for stable longer-term returns offered by off-plan developments, says a top official.

Another reason that demand for Seven Tides’ developments, in particular, have remained robust is because of the way it has adapted its business model, by turning to technology to overcome the social restrictions as well as the administrative and payment process, remarks Seven Tides CEO Abdulla bin Sulayem.

“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,” says Bin Sulayem.

Just prior to the Covid-19 outbreak, Seven Tides announced a 70 per cent spike in sales, totally worth Dh100 million ($27.2 million) for its residential and hotel apartments, with the Seven Palm development generating the lion’s share of sales revenue, he adds.