(MENAFN Press) Seven Tides, the Dubai real estate developer and hospitality consultancy, is reporting 99 per cent occupancy for its flagship Ibn Battuta Gate apartment building, which is managed by leading Dubai-based property management company Asteco.
The stylish 156 one- and two-bedroom apartments are located adjacent to the office tower and the five-star Mvenpick-managed Ibn Battuta Gate hotel, which are grouped together under the mixed-use development's iconic 60-metre gateway arch.
With direct access to the main highway linking Dubai and Abu Dhabi and a Metro station directly opposite, which offers a convenient link to the city's major commercial districts including Dubai World Trade Centre and Dubai International Financial Centre, the apartments are equally well placed for access to the Jebel Ali Free Zone as well as the Tecom Free Zone.
"The building's strategic location and lifestyle benefits have been the success drivers from day one, with 70 per cent of the apartments rented to professionals working in Abu Dhabi but who prefer to live in Dubai and ongoing demand from other residents who want the convenience of having a five-star lifestyle, a major shopping mall, schools and healthcare on their doorstep," said Michael Scully, Managing Director, Seven Tides.
Annual rents range from AED 60,000 up to AED 95,000 and include a dedicated swimming pool and state-of-the-art gym, in addition to 24-hour security, Internet connection, satellite television, utility bills and parking. Each apartment also features built-in wardrobes and high quality finishings.
Cheryl Rixon, who works for the Abu Dhabi Education Council, opted to join the Ibn Battuta Gate 'family' on the recommendation of friends already living in the building.
"I looked at other apartments in the surrounding New Dubai area, but couldn't find a comparable property to match the benefits offered here. It's also really handy having the Ibn Battuta Gate hotel next door when family members come to visit," she said.
The five-star Ibn Battuta Hotel is convenient not only to accommodate visiting family members, but also for top class entertainment and quality, themed restaurants. Another added benefit for Ibn Battuta as a destination, is of course the Ibn Battuta shopping mall, the largest themed mall in the world, with about 111,500 square metres of leasable retail space and more than 265 stores. The complex also comes complete with a multi-screen cinema and a comprehensive food court.
In fact Nakheel the developers said recently that they had hired a consultant to examine doubling the mall from its current size of 325,160 square metres. The idea is to directly link the mall to the Metro station with a mix of retail, entertainment and hotels.
Prashant Verma, a petroleum accountant, has been a tenant for 15 months. "As a financial professional I can confidently say that for the size and quality, these apartments represent great value for money."