UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides has announced that all 1,116 apartments at its prime development Seven Palm Residences in Dubai have been sold out.

 

Situated on the trunk of Palm Jumeirah, the 14-storey two-tower complex is connected by one of the largest rooftop infinity pools within the Gulf region, said the statement from the Emirati developer.

 

The Seven Palm Residences, which are located in the north tower, will offer residents access to a range of restaurants, cafés, swimming pools, a gym, sauna, and lush, landscaped gardens. 

 

All apartments feature spacious layouts complemented by floor-to-ceiling windows to maximise natural light, additional balcony space, as well as spectacular views over the Arabian Gulf, Dubai Marina Skyline and Burj Al Arab.

 

The studio, one-, two- and three-bedroom apartments have proven popular with a broad cross-section of investors, with Russia, Macedonia, the UK, the UAE, and Uzbekistan the top five source markets, said the developer. 

 

However, properties have also been purchased by Americans, Canadians, and Indians, with a total of 63 nationalities represented.

 

On the solid sales, CEO Abdulla Bin Sulayem said: "This is a truly outstanding sales performance, especially given global travel and social restrictions we have endured during the past 18 months."

 

"Like many other developers and brokers, we had to adapt our business model, innovating with the aid of technology, so that investors could still make an informed decision from distance, with sales support on-hand in real time," stated Bin Sulayem.

 

"The pandemic has made end-users re-evaluate their lifestyles. After the lockdown tenants started considering an upgrade to larger properties with spacious exteriors and leisure facilities on their doorstep. In essence, we offer luxury, convenience and harmony supporting physical and mental wellbeing," he added.

 

The south tower is managed by NH Hotels, part of the Minor Group and consists of 227 hotel guest rooms and suites, plus an additional 306 serviced apartments. The hotel’s interiors will be bold, original and energetic, bringing bursts of colour. 

 

The hotel includes a lively sports bar, a stylish rooftop bar and lounge, and large comfortable multi-purpose spaces for co-working. Other facilities include a fully-equipped gym, restaurants and bars, direct beach access and retail outlets.  

 

According to him, construction work is now more than 80% complete, with the development set to be ready in Q1 next year.

 

"Looking ahead to 2022 and beyond, many investors in the UK and Europe are becoming increasingly concerned about the prospect of higher income and property tax rates, as governments look to reduce public finance deficits, after borrowing large amounts of money to tackle the pandemic," stated Bin Sulayem. 

 

"With a buoyant market and record real estate transactions,  that scenario looks as if it could well play out and drive even further investment into Dubai’s real estate market," he added.-TradeArabia News Service