Real estate developer Seven Tides has started construction on SE7EN Residences The Palm, a new residential development on the trunk of Palm Jumeirah.
The company will invest AED500 ($136m) to develop the project, which includes 14-floor two tower complex.
Located adjacent to Seven Tides’ second development on the Palm, DUKES Dubai, the SE7EN Residences The Palm will feature 1,066 units including studios, one-, two- and three-bedroom apartments, ranging from 302 sq ft to 1,707 sq ft.
The project, which has direct beach access, will feature retail outlets on the ground floor including a gourmet grocery store, laundry services and a pharmacy, two restaurants at either side of the swimming pool and a fully equipped gymnasium.
Seven Tides CEO Abdulla Bin Sulayem said: “Palm Jumeirah continues to be one of the most sought-after locations in Dubai. Not only is this prime real estate, which according to industry experts produces high yields, it will also benefit from capital growth.
“SE7EN Residences will prove to be an excellent addition to the area. This is another standout development, an exclusive property offering luxury residential apartments. Our sea facing apartments will be of particular interest, with uninterrupted panoramic views over the Arabian Gulf.”
Construction is currently underway and the project is scheduled to be completed by December 2019.