23 November 2015Khansaheb will undertake construction of exclusive residential-only development on Palm Jumeirah Crescent
Palma Developmenthas announced that Khansaheb will be the main contractor for its exclusive Serenia Residences, the sole residential-only community to take up space on Palm Jumeirah's Crescent. With a value of AED400Million,the contract will see Khansaheb deliver the latest offering from Palma Development -one of the region's most renowned property developers and a subsidiary of Palma Holding- within 22 months from signing.
"We are delighted to announce Khansaheb as the contractor for Serenia Residences, a premium community development that features residential apartments and penthouses close to the water's edge. Serenia Residences' prime location and its wealth of high level amenities will see it as the most exclusive beachfront residence in the city, so completing such a project in less than two years was a significant requirement of the project tender," said Kareem Derbas, CEO and Co-Founding Partner, Palma Holding.
In appointing Khansaheb, Palma Development went through an extensive tendering process that saw several potential contractors' proposals evaluated. Prime consideration was given to submissions that proved delivery of quality developments within a demanding timeframe. Khansaheb was awarded the contract following their demonstration of an impressive portfolio of projects that met strict timelines whilst staying within quoted budgets.
"We are excited to be partnering with Palma Development in the construction of Serenia Residences. As to be expected with a developer with such a renowned name in Dubai's real estate landscape, the procurement process was stringent and exhaustive. Ultimately, we believe that we were selected by Palma due to our track record in the successful completion of many such prestigious and high quality projects on time and on budget," said Steve Flint, Group General Manager, Khansaheb Civil Engineering
Designed by famous architect Hazel Wong, the Serenia Residences project is one that is exclusively residential and features contemporary architecture and layouts unique to the Palm Jumeirah. The 850,000 sq. ft. development comprises 250 units, with apartmentsranging from one to four-bedrooms and penthouse suites.
"Khansaheb has an enviable portfolio for the delivery of premium real estate developments in Dubai. We are confident in their ability to bring Serenia Residences to the market within two years and in doing so, create the ultimate in resort-style beachfront living on one of the city's most sought-after locations, Palm Jumeirah. Banian FZCO congratulates Khansaheb for winning the construction contract for Serenia Residences," said Hassan H. Nia, Chief Executive Officer, Banian FZCO, owner of Serenia Residences.
About Palma Development:
Palma Development is a subsidiary of Palma Holding. Through its four subsidiaries; Palma Development, Palma Real Estate, Palma Investment and Palma Asset Management, Palma Holding provides unrivalled, boutique, client-focused services and tailor-made development in Dubai's premium real estate sector. Since its inception, Palma Holding has completed over four million square feet of premium properties in Dubai worth a total of over AED 3.6 billion (USD 1 billion) with another Aed 3.6 Billion USD 1 billion in the pipeline". The group's main areas of focus are Dubai Marina, The Palm, Business Bay, Downtown Burj Khalifa District and other prime locations.
© Press Release 2015