Serenia Residences has introduced the acquisition of the costliest plot by a non-public investor in Dubai this 12 months in one of many largest land offers within the United Arab Emirates.
The deal is price a reported AED508 million ($140 million) on the crescent of the Palm Jumeirah.
The plot will likely be used to develop a brand new beachfront improvement, after the profitable completion and gross sales of Serenia Residences — essentially the most unique beachfront residences on the crescent of the Palm, mentioned the developer.
The brand new challenge, price AED2.5 billion, has a built-up space of roughly 1.2 million sq. foot, and will likely be developed by Palma Holding.
A prestigious title in the actual property trade, the corporate beforehand accomplished iconic residential tasks, akin to Silverene Towers and Olivara Residences, in addition to the famend Serenia Residences, the Palm.
Hassan H Nia, chief government of Banian, the proprietor of Serenia Residences, mentioned: “Following the completion and close to sell-out of Serenia Residences, we’re excited to buy this landmark plot to construct one other masterpiece on one of the distinctive places in Dubai, the Palm Jumeirah.
“Dubai is without doubt one of the world’s most secure havens for traders, made evident by the transactions which have surpassed pre-pandemic ranges in addition to by the variety of worldwide traders who’re selecting Dubai’s actual property market to buy property.
“The imaginative and prescient and long-term technique of the emirate’s management encourages us to maintain constructing and investing in a metropolis that by no means fails to amaze and exceed expectations.”
The brand new challenge will likely be launched in 2022, and extra particulars will likely be introduced in the end.