Seven Tides’ luxury tower a sell-out

Luxury property developer Seven Tides says its Dukes Dubai Sky Collection apartments in Dubai, UAE, have sold out just a month after the luxury properties were launched.

The mix of 60 studio and one-bedroom properties is the final phase of hotel apartments at the Palm Jumeirah development, located on the 16th and 17th floors of the building, with penthouse views overlooking the Arabian Gulf and the stunning Dubai Marina skyline.

The attractive payment plan, which comes with a developer-backed 10 per cent guaranteed ROI (return on investment) over five years, saw investors pay 10 per cent on reservation and 20 per cent upon signing the sales and purchase agreement (around 30 days after reservation). A further 25 per cent will be paid in August, another 25 per cent in October and a final 20 per cent payment on completion.

Abdulla bin Sulayem, CEO of Seven Tides, says: “In what is a very challenging market environment, we witnessed huge interest in our Dukes Dubai Sky Collection properties. The project was extremely well received by investors who were attracted by its prominent location on the trunk of Palm Jumeirah, the quality build, striking interiors and Dukes position, offering a quintessentially ‘Best of British’ lifestyle experience.”

Dukes Dubai Sky Collection studio sizes range from 309 sq ft to 459 sq ft, with prices starting from Dh996,000 ($271,103) to Dh1.4 million ($381,068); and one-bedroom apartments, from 576 sq ft to 791 sq ft, sold from Dh1.8 million ($489,945) to Dh2.5 million ($680,479).

Dubai sees growth in demand for industrial spaces

The economic diversification model adopted by Dubai has significantly contributed to accelerating trade activities and driving demand for industrial spaces in the emirate, according to the latest Industrial Market Bulletin from Cluttons, a global real estate services company, said a report.

The bulletin attributed the momentum to the positive activities performed by a number of technology firms, reported state news agency Wam.

The real estate consultancy’s bi-annual real estate outlook report for 2017 summer highlighted a new wave of demand by technology companies during the first six months of the year, including ‘Noon.com’ which is set to open a modern warehouse sprawling over 195,000 sq m in Dubai South, while ‘Amazon.com’ is weighing up options for establishing on-demand-designed warehouses after its purchase of ‘Souk.com’. The report highlighted in this regard the plans declared by Siemens to establish a global centre for logistics and distributions in the venue of Expo 2020 Dubai, a move which reflects the growing strategic geographical importance continually gained by the city with global distribution and logistics players.

Faisal Durrani, head of research at Cluttons, said that Dubai is forging ahead with its aggressive development plans, paving the way for the birth of new companies and for the expansion of other leading companies working in the local market.

Azizi launches two residential projects

Azizi Developments, a leading UAE real estate developer, has launched two new seven-floor projects – Azizi Berton and Azizi Pearl – at Al Furjan, one of the fastest-growing urban communities in southern Dubai.

The developer’s 18th and 19th properties in Al Furjan will both feature a high number of studio apartments.

Azizi Berton comprises 245 units that consist of 191 studios, 40 one-bedroom flats and 14 two-bedroom apartments, while Azizi Pearl will feature 260 units with 192 studios, 54 one-bedroom flats and 14 two-bedroom apartments.

The residential apartments in both Berton and Pearl will feature fully-fitted kitchens, modern high-quality European finishes and a muted colour palette with earthy tones.

Both Berton and Pearl have their own distinct design and stylish interior decoration, inspired by the Art Deco movement. The residences will exemplify elegance, comfort and convenience, says the developer.

Speaking at the double launch, CEO Farhad Azizi said: “We had recently handed over five of the Al Furjan residential projects, including Yasamine, Feirouz, Orchid, Liatris and Iris. With the monumental response to our previous projects in Al Furjan, Berton and Pearl are expected to attract more investors over the coming weeks.”

According to him, the upcoming residential buildings in Al Furjan come in a diverse array of sizes with various floor plans ranging from 1,000 to 2,000 sq ft. The high-quality and efficiently-designed residences are due for handover by the second quarter of 2019.