UAE-based residential, hospitality, and commercial property developer Seven Tides has appointed Airolink as the main building contractor for the construction of its $272.3m (AED1bn) Seven City JLT development in Jumeirah Lake Towers, with ground being broken on the project.
Commenting on the appointment of Airolink as the main contracror, Abdulla Bin Sulayem, CEO of Seven Tides, said: “Airolink is well established, has a solid reputation along with a wealth of experience across numerous sectors, which is ideal for this development.
He added that works was underway on site. Airolink is also working on the developer’s Seven Palm development on Palm Jumeirah, which makes it “a smooth transition”.
Airolink has worked on educational, commercial and retail developments, residential and hotel developments, industrial facilities, and government buildings.
With a total built up area of 32.5ha, Seven City JLT is located within Cluster Z in DMCC. The development features 2,744 units, divided between 2,617 residential units, ranging from studio, one-, two-, and three-bedroom apartments, plus 78 hotel rooms.
The tower features a common podium, which is home to promenade restaurants. Other amenities within the development are gym, health club, infinity pool, children’s pool, 12 Sky Gardens, cafes, and other dining options.
The development also features a retail segment on three floors with 49 retail units, covering 13,935.5m2. The retail segment will be home to three-screen cinema, hypermarket, 2,617 car parking spaces, with an additional 312 spaces dedicated to retail customers.
Phase 1of the development was sold during the project launch, in less that a week.
“We offer a very attractive easy payment option consisting of a 5% deposit, followed by payments equal to 6% of the cost price to be paid every subsequent quarter. We estimate that studios should yield 12% per annum,” said Bin Sulayem.
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