Property developer Seven Tides says it managed to sell all 661 apartments of the phase one of Se7en City JLT in less than a week.

Launching on only 24 May, Se7en Tides issued a statement yesterday reporting that the total value of transactions reached $82,000,000. The developer values the complete project at $354,000,000 and confirmed that it is 15% complete and due for completion within 36 months.

“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 and that is essentially, our three-pronged marketing strategy.  We are offering excellent value at a competitive price point. In addition, we offer a very attractive easy payment option consisting of a 5% deposit, followed by payments equal to 6% of the cost price to be paid every subsequent quarter, with a completion date of Q3 2021. We estimate that studios should yield 12% per annum.

The nationality of investors was one of the most diverse Seven Tides has witnessed in recent years, the firm said, with Indian investors buying 17% of the units; UAE nationals and Pakistani investors 7% each; “followed closely by British, Russian, Saudi and Canadian nationals, acquiring 6.8%, 6.1%, 5.1% and 4.7% respectively.”

“In total, investors from 14 different countries have secured units during our initial sales launch, which underscores the broad-based appeal SE7EN CITY JLT, is having with investors,” added Bin Sulayem.