- British pound has risen 9% against UAE dirham since August making Dubai property more affordable
- Luxury developer offers new payment plan for one week for hotel and residential apartments on Palm Jumeirah
UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides has decided to organise the week-long incentive, for its development of hotel and residential apartments on the Palm Jumeirah – Seven Palm, valid between 23-31 December.
The decision to launch a new payment plan was taken after sterling jumped in value against the US dollar, in the wake of the recent UK general election result, which saw Boris Johnson lead the Conservative Party to a landslide victory, consequently ending any further uncertainty over Brexit.
“Our properties are very popular with British investors, however due to uncertainty about Brexit and the slide in the value of sterling, many would-be buyers have been reluctant to commit.
“However, the pound he pound has now risen by 9% against the US dollar since August, which will make property priced in dirhams more affordable. In effect, ‘sterling’ investors wanting to buy a one-bedroom hotel apartment during the promotion period, will now save over AED 170,000 had they bought on 11th August for example, when sterling was trading at 4.4 dirhams, compared to 4.8 today.
“Add to that the stimulus of a more flexible payment plan, and we are confident that this offer will be attractive enough to entice investors, particularly those in the UK,” said Abdulla bin Sulayem, CEO, Seven Tides.
The new payment plan which applies to both hotel and residential apartments in Seven Palm is even more flexible, making it easier for investors who may have cash flow issues.
During the promotional period, investors will be able to reserve an apartment with a 5% deposit and 6% Sales Purchasing Agreement (SPA), then two instalments over 120 days, and then smaller 5% instalments spread over seven months totalling 30% of the total purchase price, with another 20% upon handover and the 50% balance within 12 months after handover.
“The major difference between the payment plans is the 50% balance that can be paid in instalments, post-handover, giving investors an opportunity to offset a part of the purchase price during the first year of occupancy through a guaranteed return or market-driven rental income,” said bin Sulayem.
The Seven Palm consists of two developments, The Seven Palm Hotel Apartments and the Seven Palm Residences. The apartments are located in two 14-storey towers, joined at the top by a stunning infinity pool and located next to DUKES The Palm, A Royal Hideaway Hotel.
Providing views over the Dubai Marina skyline, the development also features two restaurants on either side of the pool, a fully equipped gymnasium, direct beach access and various retail outlets.
The Seven Palm Hotel Apartments come with a developer-backed 10% guaranteed ROI over five years. These apartments now start from less than AED 856,000 for studios, while one-bedroom hotel apartments start from less than AED 1,637,000.
Meanwhile, residential apartments in the development start from less than AED 650,000 for studios, one-bedroom apartments start from AED 1.2 million, two-bedroom apartments start from AED 1.75 million and three-bedroom apartments start from AED 3.88 million.
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.
Construction work on the project – which is Seven Tides’ third on Palm Jumeirah – started in September 2018, with completion due during Q4 2020.
The Seven Palm Hotel Apartments which are restricted to investors only and offer a guaranteed return of 10% per annum for the first five years, whereas the Seven Palm Residences are open for investors and or owner occupiers without any restrictions but without guaranteed returns.
“Each offers a compelling proposition, based on ROI, location and quality, but they will attract a different type of investor, depending on their risk profile and investment strategy,” said bin Sulayem.