Indian, UK and Emirati investors have bought over 37 percent of the Seven City JLT project in Dubai to date, which is being developed by UAE-headquartered Seven Tides.
Phase one was sold out in less than a week following its launch last year and to date investors have bought 652 apartments, valued at over AED300 million, the developer said in a statement.
The entire development, which is valued at over AED1 billion, is due for completion during the fourth quarter of 2021.
Seven Tides said Indian nationals were the top investors by volume, buying 118 units, while Emirati investors acquired 65 units, closely followed by UK investors who snapped up 58 apartments.
Other notable investors came from Pakistan, Saudi Arabia and Russia, it added. In all, investors came from 16 different countries, including Canada, Egypt, Romania, France, China, Lebanon, America, Jordan, Ireland and Ukraine.
“It is very interesting that investors from so many different countries have found Seven City JLT and Dubai as a destination, such an attractive proposition, especially when we are competing not only with other local and regional developments but international ones too… We estimate that studios should yield 12 percent per annum and let’s face it, ROI translates into every language,” said Abdulla Bin Sulayem, CEO, Seven Tides.
Spread across 3.5 million square feet and situated within Cluster Z in DMCC, opposite the Montgomery and Emirates’ golf courses and the Emirates Hills community, the development is made up of 2,744 residential units plus 78 hotel rooms.
The tower also features a gym, health club, infinity pool, children’s pool, a roof garden, cafes, dining options, 48 shops, as well as over 2,700 car parking spaces.
Studio apartments start from AED416,000 while one-bedroom apartments start at AED723,000 and prices of two-bedroom apartments start at AED1 million and three-bedroom apartments starts at AED1.47 million.