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Sat 26 Mar 2016 12:56 AM

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$408m luxury Palm residential project 'on track', says developer

Palma Development says 25% of foundations work on 250-unit Serenia Residences is now completed

$408m luxury Palm residential project 'on track', says developer

The developer behind the AED1.5 billion ($408 million) Serenia Residences, the first residential-only community to take up space on Palm Jumeirah, has announced that construction is on schedule for "timely delivery".

Palma Development said in a statement that main contractor Khansaheb is set to deliver the project within 22 months from signing, with 25 percent of foundations already completed.

The project comprises 250 units, including one- to four-bedroom apartments and penthouse suites ranging in price from AED2 million ($544,510) to AED35 million for the scheme’s so-called Presidential Penthouse.

The development was designed by Hazel Wong, the architect behind Dubai’s landmark Emirates Towers in DIFC, and is intended to provide high-end, resort-style beachfront living.

Around 70 percent of the plot has been dedicated to landscaping and amenities.

Kareem Derbas, CEO and co-founding partner of Palma Holding, said: "Khansaheb is well on track to successfully completing Serenia Residences, with a timeframe of around 22 months from the date of signing. Basement-to-ground-floor columns and core wall construction have started, while water proofing and retaining wall works are ongoing."

Hassan H Nia, CEO, Banian FZCO added: "We are extremely pleased with the progress of the development till date. The project is well on its way to completion and the construction is on-track for a timely delivery."

Palma Holding said it has completed over four million square feet of premium properties in Dubai worth a total of over $1 billion with another $1 billion in the pipeline.

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