One of the main reasons behind this is affordable pricing, says the UAE developer
Luxury residential and hospitality property developer Seven Tides has revealed that its competitive pricing strategy has generated record occupancy levels of 99.21 per cent and 98.58 per cent respectively at their developments in Discovery Gardens and The Residences at Ibn Battuta Gate.
In Discovery Gardens, new tenants can secure a standard one-bedroom apartment with balcony for AED 56,500 per annum including amenities with two-bedroom apartments leasing for AED 75,000 per year. Seven Tides owns ten buildings within the community with a total inventory of 1,528 apartments in a contemporary residential setting. It has its own Metro station and an easy access to JLT and Dubai Marina and offers amenities like swimming pools, tennis courts, children’s play areas, basketball and volleyball courts, a mosque and trails for cycling and jogging.
The Residences at Ibn Battuta Gate has 141 apartments with the annual rent for a 702-861 sq ft one-bedroom unit with balcony starting from AED 69,000. The 1027-1274 sq ft two-bedroom apartment with balcony starts from AED 87,000 inclusive of utilities, chiller fees, Wi-Fi and cable TV.
Residents can also indulge in the various food and beverage outlets at the adjacent five-star Oaks Ibn Battuta Gate Dubai Hotel. In addition, the Ibn Battuta Mall, the largest themed mall in the world, which has close to 400 stores, a multi-screen cinema, and a comprehensive food court, is only a short walk away, as is the IBG Metro station.
Abdulla Bin Sulayem, CEO of Seven Tides, said, “This is an affordable lifestyle in a family-friendly community. It is also conveniently located and has outstanding facilities. Overall, it represents exceptional value for our tenants and as such, currently, we only have 12 vacant apartments.” He added, “Much has been made of the luxury real estate market in Dubai but the demand for value-led accommodation has been consistently strong and it will continue unabated as the Dubai economy continues to expand, stimulating expatriate population growth. Tenants in both developments stay on average for over three years which develops community spirit, encouraging residents to extend their tenancy and recommend it to family and friends.”
The 467 offices at IBG, which cover a total of 430,000 sq ft, are also in high demand, with occupancy levels currently standing at 98.29 per cent. The offices between 300-999 sq ft start from AED 100 per sq ft.
