The deal worth USD 138 million is one the emirate’s biggest land deals made this year.
Serenia Residences Limited bought a plot of land worth USD 138 million at the crescent of the Palm Jumeirah. As of now, this deal is one the emirate’s biggest land deals concluded by a private investor in 2021. The plot will be used to develop a new beachfront project following the successful completion and sales of Serenia Residences – the most exclusive beachfront residences at the crescent of The Palm.
The new development is valued at USD 680 million and has a built-up area of approximately 1.2 million square feet. It will be developed by Palma Holding, one of the most prestigious names in the real estate industry, known for such iconic residential projects as Silverene Towers, Olivara Residences and Park as well as Serenia Residences/The Palm.
Commenting the purchase of the property, Hassan H. Nia, Founder and CEO of Banian FZCO and the owner of Serenia Residences, said, '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 Jumeirah. 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 property. The vision and long-term strategy of the emirate’s leadership encourages us to keep building and investing in a city that never fails to amaze and exceed expectations.'
The construction of new project will start in 2022, more details will be announced in due time.