UAE-based property developer Seven Tides has revealed a 70% increase in sales with a total of $27.2m (AED100m) over the past two months for its developments in Dubai.
Majority of the sales revenue was generated by Seven Palm, which was formerly known as SE7EN Residences the Palm until the rebranding and relaunch in December 2019.
Construction work on the project is about 25% complete. It is scheduled for handover during Q4 2020.
Speaking about the project, chief executive officer, Seven Tides, Abdulla Bin Sulayem, said: “The Seven Palm development’s component projects – Seven Palm Hotel Apartment and Seven Palm Residences – offer a revised, more flexible post-handover payment plan.”
The payment plan allows investors to reserve an apartment with a 5% deposit, and 6% sales purchasing agreement (SPA), followed by two installments of 5% due within three months and five months, and then 9% within seven months, with a further 20% paid upon handover.
The remaining balance is payable in installments within 12 months after handover.
Seven Tides has observed French, Russian, Uzbekistani, and UK nationals dominate investor profiles after announcing the revised post-handover payment plan.
“Despite the tough trading conditions, the project reinforces the argument that a compelling proposition, based on ROI and location, as well as exceptional design and build quality, attract investor confidence irrespective of the market sentiment,” Bin Sulayem added.