Serenia Residences has announced the purchase of the most expensive plot in Dubai by a private investor this year, in one of the largest land deals in the UAE.
The deal on the crescent of the Palm Jumeirah is said to be worth AED508 million ($140 million).
According to the developer, the plot will be used to develop a new beachfront development following the successful completion and sales of Serenia Residences — the most exclusive beachfront residences at the crescent of the Palm.
Palma Holding will develop the new AED2.5 billion project, which will have a built-up area of approximately 1.2 million square feet.
The company is a well-known name in the real estate industry, having completed iconic residential projects such as Silverene Towers and Olivara Residences, as well as the renowned Serenia Residences.
“Following the completion and near-sale-out of 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,” said Hassan H Nia, chief executive of Banian, the owner of Serenia Residences.
Dubai is one of the world’s safest havens for investors, as evidenced by transactions that have surpassed pre-pandemic levels and the number of international investors who have chosen Dubai.
“The emirate’s leadership’s vision and long-term strategy encourage us to continue building and investing in a city that never ceases to amaze and exceed expectations.”
More information about the new project, which will be launched in 2022, will be released in due course.