Serenia Residences on The Palm Jumeirah.

Serenia Residences has announced the purchase of Dubai’s most expensive plot by a private investor in 2021 and one of the emirate’s biggest land deals, worth AED508 million ($138.3 million) at the crescent of the Palm Jumeirah.

The plot will be used to develop a new beachfront development, after the successful completion and sales of Serenia Residences – the most exclusive beachfront residences at the crescent of The Palm, says the developer.

The new project, worth AED2.5 billion, will have a built-up area of approximately 1.2 million sq ft, and will be developed by Palma Holding, a prestigious name in the real estate industry that had completed iconic residential projects, such as Silverene Towers, Olivara Residences and Park as well as the renowned Serenia Residences, The Palm.

Hassan H Nia, Founder and CEO of Banian, the owner of Serenia Residences, says: “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.”

Kareem Derbas, Founder and CEO of Palma Holding, says: “Following the enormous success of Serenia Residences The Palm, we are thrilled by the opportunity to develop this landmark plot on what we believe is the single most unique beachfront plot in Dubai. This one-of-a-kind opportunity aligns with Palma Holding’s vision of delivering world-class residential developments in Dubai which will further elevate the city’s premium offering and its global attractiveness as a highly sought-after real estate destination.”

The new project will be launched in 2022, and more details will be announced in due time, he says.