Asteco appointed to
sell out remaining DUKES Oceana apartments
Initial launch phase of Best of
British’ styled luxury development sells out; developer-backed guaranteed ROI
of 10% attracting global investment interest as Asteco takes sole responsibility
for remainder of unique Palm Jumeirah project
Dubai-based
luxury property developer Seven Tides has appointed leading
regional real estate services firm, Asteco, as the sole agent for its newly
launched DUKES Oceana, Dubai project.
Located on the
Palm Jumeirah, this is the first international property for the DUKES
Collection brand, whose flagship hotel DUKES London is a popular destination
for GCC travelers. The high profile five-star hotel and adjacent residences are
already built, only the interior fit-out remains, so the project is scheduled for
handover in Q1 2016.
“Just one month
after the launch of this development, 65% of the hotel apartments have been
sold representing the completion of phase one. Just 35% of the studio and
one-bedroom units remain, and we are confident that with Asteco’s network of
contacts and unrivalled market expertise, we will secure the additional investors
required to close-out the sales for this one-of-a-kind project,” said Abdulla
bin Sulayem, CEO, Seven Tides.
Targeted at the
regional and international investment community, Seven Tides is guaranteeing a
return on investment (ROI) of 10% net per annum for the first five years,
making the DUKES Oceana, Dubai venture a highly attractive proposition.
Hotel Apartment prices will remain the same, which range from AED 1.1 to
AED 2.6 million for the 376-822-square feet studios, with one-bedroom units
offering a spacious 832-882 square feet, starting at AED 2.3 million and rising
to AED 2.7 million.
“Designed specifically
for investment purposes and sold as fully furnished freehold hotel apartments,
benefitting from a number of advantages, not least of which is the location on
Palm Jumeirah, the city’s ultra-desirable lifestyle community. Add to that the quintessentially
‘Best of British’ positioning that the DUKES hospitality brand is renowned for,
and this makes for a solid investment opportunity that has already resonated
with international investors,” said John Stevens, Managing Director, Asteco.
Hotel guests of the apartments will also have full access to the DUKES
Oceana, Dubai suite of leisure facilities and support services, including
a stunning private beach, indoor pool, and outdoor infinity pool plus
state-of-the-art gym, along with a number of restaurants and lounges showcasing
signature British, Asian, international cuisine. Investors will also have full
access to these facilities when utilising their hotel apartment for seven days
per year.
“The calibre of
investors choosing Dubai as a prime location for portfolio growth means that
their expectations are extremely high when it comes to managing their
investment, and with the DUKES operations team responsible for the day-to-day
professional management of the apartments, they will have complete peace of
mind,” noted Stevens.
Established in
2004, Seven Tides has developed its own portfolio of commercial, residential
and resort properties in some of the world’s most desirable locations. Its
award-winning flagship hotel, DUKES London, is situated in
the fashionable Mayfair district and has been a hospitality icon in the capital
for well over a century.
For more information about
DUKES Oceana, please visit www.dukesoceana.com
About Seven Tides
Based in Dubai, the United
Arab Emirates, privately owned Seven Tides is an internationally oriented
holding company established in 2004. Currently focusing on hospitality and real
estate sectors, Seven Tides thinks progressively, works creatively, partners
strategically and acts quickly. The result is a current portfolio of offerings
from landmark hospitality acquisitions and commercial buildings to residential
towers and multi-use complexes in the gateway cities of London and Dubai.
