Serenia Residences, a Dubai-based investor, has purchased one of the most expensive plots by a private investor in 2021 and one of the emirate’s biggest land deals, worth $138.3 million at the crescent of the Palm Jumeirah.
The land is acquired for constructing a new beachfront development, after the completion and sales of Serenia Residences, the most unique beachfront houses at the crescent of The Palm.
The new development which is projected to cost $680 million covers nearly 1.2 million square feet. Palma Holding, one of the most renowned names in the real estate sector which has constructed iconic projects like Silverene Towers, Olivara Residences and Park as well as Serenia Residences, will develop this project. The new project will be launched in 2022.
“Following the success that the company achieved with the launch of Serenia Residences, we are pleased to develop the new plot of land, which is considered the most exclusive of its kind on the beachfront in Dubai. Dubai’s residential market has seen incredible growth in the past 12 months, spurred by the government’s decisive and steadfast handling of the global situation to create a safe, consistent and confident investment ecosystem” Mr. Kareem Derbas, CEO of Palma Holding said.
THE PALM JUMEIRAH
The man-made island chain in Dubai, the Palm Jumeirah is part of a huge development plan called the Palm Islands. The plot is located in the Jumeriah coastal area of Dubai, UAE. Built from reclaimed land, Palm Jumeirah is shaped like a palm tree within a circle when viewed from above. The main sectors of Palm Jumeirah are named Trunk, Spine, Fronds, and Crescent.
Nakheel, a real estate company in Dubai, is the developer of Palm Jumeirah. The master plan was drawn up by Helman Hurley Charvat Peacock, a US-based architectural firm.