Serenia Residences buys land $138.3mln for new project

The site located at Palm Jumeirah will be used to develop a new beachfront development, the company said

  
Image used for illustrative purpose. Riyadh, capital of Saudi Arabia.

Image used for illustrative purpose. Riyadh, capital of Saudi Arabia.

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RIYADH: Serenia Residences has purchased a plot of land worth AED508 million ($138.3 million) in the largest deal for a private investor in Dubai in recent years, Emarat Al-Youm newspaper reported citing a statement issued by the real estate company.

The site located at Palm Jumeirah will be used to develop a new beachfront development, the company said.

It said the deal follows the successful completion and sales of Serenia Residences, a collection of beachfront residences at the crescent of the Palm Jumeirah.

The value of the new project is estimated at AED2.5 billion, with an area of approximately 1.2 million sq. feet, and will be developed by Palma Holding, the company said.

The project will be launched in the next year, it added.

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