Upscale residential, hospitality and commercial property developer Seven Tides has launched a series of new payment plans for two of its development projects in Dubai, including SE7EN City JLT and SE7EN Residences The Palm.

Potential investors can reserve an apartment at Seven Tides’ first mixed-use development SE7EN City JLT with just a five per cent deposit and a six per cent furniture down payment, followed by payments equal to three per cent of the cost price to be paid every subsequent quarter until May 2021, with the final 60 per cent to be paid on completion.

SE7EN City JLT, valued at AED 1.3 billion and due for completion during quarter four of 2021, sold out phase one of the project in less than one week.

The remaining units consist of studio, one, two and three-bedroom apartments.

Abdulla bin Sulayem, chief executive, Seven Tides, said: “The nationality of investors in our SE7EN brand developments has been one of the most diverse that we have witnessed in recent years.

“Indian investors have bought 18 per cent of the SE7EN City JLT units so far, while British and UAE national investors have purchased nine per cent each.

“To sell out phase one of SE7EN City JLT in less than one week was remarkable, particularly given the tough trading conditions many developers are facing.”

At SE7EN Residences The Palm, Seven Tides’ third project on Palm Jumeirah, an attractive payment plan, which comes with a developer-backed ten per cent of guaranteed ROI over five years, is on offer for studio and one-bedroom hotel apartments.

Hotel apartments are sold furnished with high-end fittings and finishes and priced at AED 1 million for studios and AED 1.9 million for one-bedroom apartments.

These apartments are sold furnished with high-end fittings and finishes plus walk-in wardrobes and en-suite bathrooms with rain showers.

Kitchens are fully equipped with cooking range appliances and breakfast counters.

Potential buyers can reserve an apartment in the luxury residential development with a five per cent deposit of the total sale price, plus a six per cent down payment on furniture.

A further five per cent would be required as the first instalment, followed by a ten per cent payment every quarter thereafter until June 2020, with the final 50 per cent to be paid on completion.

Construction work on SE7EN Residences The Palm started in September, with an estimated completion date of quarter three of 2020.

“Looking at SE7EN Residences The Palm investors to date, British nationals have bought 13 per cent of the units sold; followed closely by Russian and Brazilian nationals, acquiring 12 per cent and nine per cent respectively,” said Bin Sulayem. 

At Anantara The Palm Dubai Residences, meanwhile, all units have already been sold excluding the final phase which features eight penthouse apartments in total.