An investor buys the most expensive plot of land in Dubai.. Know the details
Serenia Residences revealed today that it has purchased the most expensive plot of land in a deal that is the largest of its kind for a private investor in Dubai in recent years.
The company explained in a statement that the plot, valued at 508 million dirhams, is located on the crescent of the Palm Jumeirah, and will be used to develop a new project on the beachfront, noting that this step comes after the company was able to sell the Serenia Residences, the residential project on the crescent of the “Palm Jumeirah.” ".
She added that the value of the new project is 2.5 billion dirhams, with an area of approximately 1.2 million square feet, and will be developed by Palma Holding, noting that the project will be launched during the next year, while the company intends to announce more details in the right time.
"Following the success that the company achieved with the launch of Serenia Residences, we are pleased to develop the new plot of land, which is considered the most exclusive of its kind on the beachfront in Dubai," said Karim Derbas, founder and CEO of Palma.
He added, "During the past 12 months, the residential real estate market in Dubai has witnessed amazing growth, thanks to the government's decisive and consistent handling of the prevailing global conditions, in order to establish a safe and harmonious investment environment."
Hassan Nia, founder and CEO of Banyan and owner of Serenia Residences, said: “After completing the development of Serenia Residences and selling it completely, we are excited to purchase the new plot of land to build another architectural masterpiece on the Palm Island, which is considered a One of the most exclusive locations in Dubai.
He pointed out that Dubai has become one of the most attractive destinations for investors in the world, as this is clearly demonstrated by the volume of real estate transactions that exceeded pre-pandemic levels, according to figures issued by the Dubai Land Department, as well as the growing number of international investors who choose the Dubai market. Real estate as a safe haven for their investments.
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