Dubai: Palma Development on Sunday launched a high-end Dh1.5 billion project Serenia Residences to introduce first beachfront residential-only development on Palm Jumeirah Crescent.
The exclusive 85,000 square feet development comprises 250 units will be ready to handover by December 2017, as foundation work has already been initiated. Banian FZCO, a real estate investment company, is an investor partner in the project comprises of three buildings at 227,000 square-foot plot that came with a hotel licence, but the developer decided not to use it.
The sale of one- to four-bedroom apartments ranging in size from 904 square feet to 4,144 square feet, as well as penthouse suites, the largest of which covers 12,648 square feet, will begin tomorrow [Monday].
“The prices are starting from as low as Dh2 million and reaching as high as Dh36 million for the development’s Presidential Penthouse,” Kareem Derbas, chief executive and co-founding partner, Palma Holding, told Khaleej Times on the sidelines of a launch event.
He said Serenia Residences epitomise the ultimate in luxury living for The Palm and indeed for anywhere in Dubai, with the deliberate plan not to include commercial aspects as a part of the development ensuring maximum privacy, peace and quiet in one of the city’s most exclusive and sought-after areas.
“The development was designed to be an exclusive community and to that end, features only penthouses and apartments close to the water’s edge. This enables unfettered access to the Arabian ocean and provides for a host of recreational and leisure activities, both on the shoreline and in the ocean, making it truly the most exclusive beachfront residence in the city,” he added.
“We have paid $100 million payment for the plot and meet all important requirement of Real Estate Regulatory Agency,” Derbas said, adding that the market is slow but the demand for beachfront properties is unlimited.
He said the project will be funded by equity and pre-sales and the company will resort to loans only if it is required.
About the future plans, he said, Palma Development plans to develop one project annually and another development will be unveiled in due course of time. Palma Development has built so seven projects in the emirate, mainly in Dubai’s Marina.
Hassan H. Nia, chief executive officer, Banian FZCO, said Serenia Residences is the latest premium development from Palma Development, whose vision and mission it is to introduce the ultimate lifestyle residential projects for Dubai. “We are delighted to be partnering with this foremost property development organisation to provide luxury real estate offerings that are elevating the city’s property landscape and enhancing the living experience for discerning investors and end users,” Nia said.
Designed by Hazel Wong, the famous architect behind the landmark Emirates Towers, the project will introduce the best in resort-style beachfront living by featuring contemporary architecture and layouts unique to the Palm Jumeirah. Central to Serenia Residences’ theme of ‘tranquil luxury living’ is its bespoke concierge services and amenities.
In total, 70 per cent of the development’s plot has been dedicated to landscaping and amenities, ensuring wide open spaces for uncluttered relaxation.
News Source : http://www.khaleejtimes.com