$109m deal for Palm Jumeirah residential project

Palma Development has announced that Khansaheb will be the main contractor for its AED1.5 billion Serenia Residences, the first residential-only community to take up space on Palm Jumeirah, UAE.

With a value of AED400 million ($108.9 million), the contract will see Khansaheb deliver the latest offering from Palma Development within 22 months from signing, the statement said.

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, Palma Holding, said: “We are delighted to announce Khansaheb as the contractor for Serenia Residences… Khansaheb was awarded the contract following their demonstration of an impressive portfolio of projects that met strict timelines whilst staying within quoted budgets.”
Palma Development is a subsidiary of Palma Holding which has completed over four million square feet of properties in Dubai worth a total of over AED3.6 billion with another AED3.6 billion in the pipeline.

Source: Arabian Business