$109m deal for Palm Jumeirah residential project

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$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

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.