The first phase of SE7EN CITY JLT, a mixed-use development in Jumeirah Lakes Towers, sold out within one week of going on the market, according to developer Seven Tides.
A total of 661 apartments were sold, at a combined value of AED 301,863,775 million.
“To sell out phase one of our project in less than one week is remarkable and due to that success, we are now launching phase two of the project,” said Abdulla Bin Sulayem, CEO, Seven Tides.
“Furthermore, this underscores the point that if you offer investors a compelling proposition, based on ROI, location and quality, they will invest irrespective of overall market sentiment…”
Bin Sulayem believes that investors were also attracted by a simple payment plan made up of a 5% deposit, followed by payments equal to 6% of the unit value every quarter until the planned completion date of Q3 2021.
The bulk of the units sold, 572 in total, were studios, which Bin Sulayem believes should yield 12% per annum to owners.
SE7EN CITY JLT will include 2,635 residential apartments when complete, along with 150,000 square feet of retail space, a hotel and restaurants.