Dubai: Serenia Residences ltd., a Dubai-based investor, acquired what is reported to be Dubai’s “most expensive plot” this year – Dh508 million for land on the crescent of the Palm. The plot will be used to construct a beachfront residential project following the completion and sales of Serenia Residences, which is also located on the crescent.
It is estimated that the new project will cost Dh2.5 billion to build. It will cover roughly 1.2 million square feet. Palma Holding, which builds Silverene Towers, Olivara Residences and Park, as well as Serenia Residences, will develop this project.
It is expected to be launched next year. Further details will be announced later.
Hassan H. Nia, founder and CEO of Banian, which owns Serenia Residences, “Following the completion and near sell-out of Serenia Residences, we are excited to purchase this landmark plot to build another masterpiece on one of the most unique locations in Dubai – The Palm.
“Dubai is one of the world’s safest havens for investors, made evident by the transactions that have surpassed pre-pandemic levels as well as by the number of international investors who are choosing Dubai’s real estate market to purchase the property.”
“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” – Kareem Derbas, CEO of Palma Holding