Seven Tides’ Rent-Free Periods Pay Dividends
Luxury residential and hospitality property developer Seven Tides has announced that its competitive pricing strategy, has paid off with occupancy in their developments in Discovery Gardens (DG) and The Residences at Ibn Battuta Gate (RIBG), running at over 97%.
Seven Tides first introduced its ‘free rent’ promotion in November 2020, as the Dubai economy was steadily recovering in the wake of the pandemic. It was reintroduced in Q1 of this year and that decision has paid off handsomely. At the end of July this year, Seven Tides’ developments in DG and RIBG recorded 97% and 97.2% occupancy respectively.
Over the 12 months to the end of July 2022, 655 new leases were approved, 521 were renewed and 280 tenants vacated their apartments. It was a similar picture at RIBG, with 74 new tenants, 47 tenants renewed and 28 vacated.
In Discovery Gardens, new tenants can secure a one-bedroom apartment with balcony for just AED 52,500 spread over 13 months, inclusive of chiller fees. Seven Tides owns ten buildings within the community, with a total inventory of 1,528 apartments in a contemporary residential setting, offering a cosmopolitan style of living. It is ideally located, with its own Metro station and easy access to JLT and Dubai Marina.
Looking at the lifestyle choices, Discovery Gardens features a host of swimming pools, tennis courts, children’s play areas, basketball and volleyball courts, as well as a mosque, and trails for both cycling and jogging.
“These are affordable apartments, competitively priced, in a convenient location, with outstanding facilities, that represent exceptional value for our tenants,” said Abdulla bin Sulayem, CEO, Seven Tides.
“Demand has been robust and it will continue as the Dubai economy grows,” he added.
New tenants looking to rent apartments in The Residences at Ibn Battuta Gate, can now lease a 702-861 sqft, one-bedroom unit with balcony, starting from AED 64,000 or alternatively a 1027-1274 sqft two-bedroom apartment with balcony, starting from AED 84,000. Both prices are spread over 13 months and inclusive of utilities, chiller fees, Wi-Fi and Cable TV.
Tenants can also take advantage of food and beverage discounts 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 as well as a multi-screen cinema and a comprehensive food court, is only a short walk away, as is the Metro station.
“Tenants in both developments are staying for an average of three years, which helps to develop a sense of community, enhancing their living experience,” added bin Sulayem.
Launched in 2004, Seven Tides is a privately owned luxury property developer and holding company with a portfolio of exceptional properties in some of the world’s most coveted locations. Seven Tides has developed and owns a variety of projects spanning residential, commercial and resort properties. Whether creating homes of distinction, transforming the work place or offering laid-back holiday escapes – each and every offering is carefully planned and meticulously crafted.