Serenia Residences has introduced the acquisition of the most costly plot by a non-public investor in Dubai this 12 months in one of many greatest land offers within the United Arab Emirates.
The deal is value a reported AED508 million ($140 million) on the crescent of the Palm Jumeirah.
The plot will probably be used to develop a brand new beachfront growth, after the profitable completion and gross sales of Serenia Residences — essentially the most unique beachfront residences on the crescent of the Palm, stated the developer.
The brand new venture, value AED2.5 billion, has a built-up space of roughly 1.2 million sq. foot, and will probably be developed by Palma Holding.
A prestigious title in the true property business, the corporate beforehand accomplished iconic residential tasks, comparable 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, stated: “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 areas in Dubai, the Palm Jumeirah.
“Dubai is among the world’s most secure havens for buyers, made evident by the transactions which have surpassed pre-pandemic ranges in addition to by the variety of worldwide buyers 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 venture will probably be launched in 2022, and extra particulars will probably be introduced sooner or later.