UAE property developer reaps benefits of affordable pricing with occupancy at record levels in Discovery Gardens and The Residences at Ibn Battuta Gate
Dubai, United Arab Emirates
Luxury residential and hospitality property developer Seven Tides has revealed that its competitive pricing strategy has generated record occupancy levels of 99.21% and 98.58%, respectively, at their developments in Discovery Gardens (DG) and The Residences at Ibn Battuta Gate (RIBG).
In Discovery Gardens, new tenants can secure a standard one-bedroom apartment with balcony for just AED 56,500 per annum, including amenities, with two-bedroom apartments leasing for only 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, offering a cosmopolitan style of living. It is ideally located, with its own Metro station and easy access to JLT and Dubai Marina.
Discovery Gardens features swimming pools, tennis courts, children’s play areas, basketball and volleyball courts, a mosque, and trails for cycling and jogging.
Abdulla Bin Sulayem, CEO of Seven Tides, said, “This is an affordable lifestyle in a family-friendly community, conveniently located, with outstanding facilities. Overall, it represents exceptional value for our tenants, and as such, currently, we only have 12 vacant apartments.”
“Much has been made of the luxury real estate market in Dubai, but 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,” he added.
It is a similar story at another of Seven Tides’ developments, The Residences at Ibn Battuta Gate. With 141 apartments, annual rents here for a 702-861 sq. ft. one-bedroom unit with balcony start from AED 69,000 or a 1027-1274 sq. ft. two-bedroom apartment with balcony, starting from AED 87,000, inclusive of utilities, chiller fees, Wi-Fi and Cable TV.
Residents can also take advantage of 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.
“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,” added Bin Sulayem.
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%. Once again, it is Seven Tides’ value-led market proposition that has driven the exceptional tenancy rate, with offices between 300-999 sq. ft. starting from AED 100 per sq. ft.