UAE's Seven Tides offers payment plan for Palm Jumeirah apartments
Payment incentive valid on 23-31 December, 2019, creates option for 50% balance payment in installments, post-handover
UAE-headquartered residential, hospitality, and commercial property developer Seven Tides has decided to offer a week-long payment incentive for its hotel and residential apartments on the Palm Jumeirah – Seven Palm – which will be valid between 23-31 December, 2019.
During the promotional period, investors will be able to reserve an apartment with a 5% deposit and a 6% sales purchasing agreement (SPA).
This will be followed by two installments over 120 days, and smaller 5% installments spread over seven months, totalling 30% of the total purchase price.
Another 20% can be paid upon handover, while the remaining 50% balance can be paid within 12 months after handover.
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 an 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 either side of the pool, a gymnasium, direct beach access, and retail outlets.
The Seven Palm Hotel Apartments offer a developer-backed 10% guaranteed return on investment (ROI) over five years. The apartments start from less than $233,000 (AED856,000) for studios, while one-bedroom hotel apartments start from less than $443,767 (AED1.63m).
Meanwhile, residential apartments in the development start from less than $177,000 (AED650,000) for studios, one-bedroom apartments start from $326,700 (AED1.2m), two-bedroom apartments start from $ 476,437 (AED1.75m), and three-bedroom apartments start from $1.05m (AED3.88m).
Construction work on the project started in September 2018, with completion due in Q4 2020.
The Seven Palm Hotel Apartments are restricted to investors only, while the Seven Palm Residences are open to investors and/or owner occupiers without guaranteed returns.
The decision to launch the payment plan was taken after the 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 victory, ending uncertainty over Brexit.
Commenting on the investment incentive, the chief executive officer of Seven Tides, Abdulla bin Sulayem, said: “Our properties are very popular with British investors. In effect, ‘sterling’ investors wanting to buy a one-bedroom hotel apartment during the promotion period, will now save over $46,282 (AED170,000) compared to 11 August for example, when sterling was trading at AED4.4, compared to AED4.8 today.”
Bin Sulayem said: “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.”
“The major difference between the payment plans is the 50% balance that can be paid in installments, 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.”