"Serenia Residences" buys a plot of land in Dubai for 508 million dirhams

Yesterday, Dubai witnessed a qualitative real estate deal in which Serenia Residences Ltd., owned by Dubai-based Palma Holding Company, purchased a plot of land from Nakheel Real Estate Company for 508 million dirhams.

The land is among the most expensive in the city and is located in the crescent of Palm Jumeirah directly on the waters of the Arabian Gulf next to the "Atlantis The Palm Hotel". The company said that it "purchased the most expensive plot of land to build the most luxurious housing for the wealthy."

Karim Derbas, founder and CEO of Palma Holding Company, said that the purchase deal was not a risky move, explaining that the company's decision to purchase the land was based on accurate investment calculations based on facts, noting that Palm Jumeirah is a global tourist and investment destination and has established its position as a permanent demand for wealthy foreigners. This land is of great importance to us in the long run, as it occupies a strategic location in the middle of the crescent of Palm Jumeirah, with direct views of the waters of the Arabian Gulf and adjacent to the famous Atlantis Hotel.

He added that the company will start the construction of an iconic luxury housing project at the beginning of next year that meets the unprecedented standards of luxury living. We have actually assigned 3 giant architectural firms to present their engineering visions for what the project to be built on the plot of land should look like. The project’s investments will reach 2.5 billion dirhams, with an area of ​​up to 1.2 million square feet.

He said, "We have a project in Palm Jumeirah, called Serenia Residences, and its units were sold to wealthy people from Germany, Switzerland, Australia and Russia in just 6 months."