United Arab Emirates-based upscale residential, hospitality and commercial property developer Seven Tides has said more than 27 per cent of the work on its prime property, Seven Palm, located on Palm Jumeirah in Dubai is now complete.

The property 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 balance, 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, said a statement from 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 stated.

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, said a top official.

“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,” said Seven Tides chief executive, Abdulla bin Sulayem.