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.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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