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Yesterday Dubai witnessed a quality real estate deal, under which Serenia Residences Ltd., owned by Dubai-based Palma Holding, purchased land from Nakheel Real Estate Company for MAD 508 million. 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 Persian Gulf, next to “Atlantis The Palm Hotel”. The company said it had “bought the most expensive land to build the most luxurious homes for the wealthy.”
Karim Derbas, founder and CEO of Palma Holding Company, told Al-Bayan that the purchase agreement did not come from a risk, explaining that the company’s decision to buy the land was based on calculations accurate investment based on facts, noting that Palm Jumeirah is a global tourism and investment destination. And its position has been established as a permanent demand for wealthy foreigners, therefore the purchase of 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 a view directly on the waters of the Persian Gulf, and adjacent to the famous Atlantis hotel.
He pointed out that the company will begin construction on an iconic luxury residential project early next year that meets unprecedented wealth standards. As, and the project investment will reach 2.5 billion dirhams, it covers an area of 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.
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