New Payment Plans for Dubai Property

New easy payment plans have been launched by a property developer in Dubai to help overseas property investors with their purchase.

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 under the new payment plans at Seven Tides’ first mixed-use development SE7EN City JLT with just a 5 per cent deposit and a 6 per cent furniture down payment, followed by payments equal to 3 per cent of the cost price to be paid every subsequent quarter until 31 May 2021, with the final 60 per cent to be paid on completion.

SE7EN City JLT is due for completion during Quarter 4 2021 and has already sold out phase one in less than one week. The remaining units consist of studio, one, two and three-bedroom apartments.

Under the payment plans studio apartments start from AED 399,000 ranging in size from 386sqft to 416sqft, while one-bedroom apartments start at AED 723,000 and range in size from a minimum of 739sqft to a maximum of 800sqft. Prices of two-bedroom apartments start at AED 1 million and the size is 1,073sqft. Finally, the entry price for three-bedroom apartments starts at AED 1.40 million and vary in size from 1,517sqft to 1,521sqft.

Payment plans are also available at SE7EN Residences The Palm, Seven Tides’ third project on Palm Jumeirah. An attractive payment plan, which comes with a developer-backed 10 per cent of guaranteed ROI over five years, is on offer for studio and one-bedroom hotel apartments.

Payment plans for residential apartments in the development are similar to SE7EN City JLT. Potential buyers can reserve an apartment in the luxury residential development with a 5 per cent deposit of the total sale price, plus a 6 per cent down payment on furniture. A further 5 per cent would be required as the first instalment, followed by a 10 per cent payment every quarter thereafter until 30 June 2020, with the final 50 per cent to be paid on completion.

Construction work on SE7EN Residences The Palm started in September 2018, with an estimated completion date of Quarter 3 2020.

Abdulla bin Sulayem, CEO, 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 9 per cent each.’

He continued: ‘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 9 per cent respectively.’