Palma Unveils $1.36 Billion Serenia District in Dubai
Deal News | Feb 25, 2025 | Zawya
Palma Development has announced the launch of Serenia District, an upscale residential community in Dubai valued at AED 5 billion ($1.36 billion). Located in the heart of Jumeirah Islands, the development aims to redefine luxury living across a sprawling 600,000 sq ft area with a built-up area of 3.5 million sq ft. The community comprises six integrated towers, designed by Japanese architects Nikken Sekkei, that offer six distinct lifestyle zones. These include a clubhouse, health and social zones, sports spaces, and a nature discovery zone. The first phase includes West Residence, a 46-storey tower featuring 419 meticulously designed homes offering stunning views. A highlight is the Serenia Signature Clubhouse, equipped with premium amenities like a rooftop café, infinity pool, and gyms. The launch comes amid a booming Dubai real estate market, as noted by Palma's CEO Kareem Derbas. The development is a product of the successful partnership between Palma and Banian's CEO Hassan H. Nia, marking yet another milestone in Dubai's growth as a global investment hub.
Sectors
- Real Estate Development
- Luxury Residential Housing
- Architecture and Design
Geography
- United Arab Emirates – The development of Serenia District takes place in Dubai, UAE, highlighting the region's importance.
- Dubai – Specific focus on the Jumeirah Islands area in Dubai, where the new residential community is being developed.
Industry
- Real Estate Development – The article centers on Palma Development's launch of a new residential project, making it integral to the real estate development sector.
- Luxury Residential Housing – Serenia District is an upscale residential community, highlighting its relevance to the luxury housing market.
- Architecture and Design – The involvement of Nikken Sekkei in the project emphasizes the significance of architectural design in the development.
Financials
- $1.36 billion – The total investment for the Serenia District residential development.
- AED5 billion – The equivalent local currency value of the investment for Serenia District.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Palma Development | Developer | Company | A prestigious developer in the UAE real estate industry, responsible for launching Serenia District. |
| Serenia District | Residential Project | Company | The target entity, a new upscale residential community in Dubai. |
| Kareem Derbas | Founder and CEO | People | The founder and CEO of Palma Development, announced the launch of Serenia District. |
| Hassan H. Nia | Founder and CEO | People | The founder and CEO of Banian, a strategic partner in the development of Serenia District. |
| Nikken Sekkei | Architectural Firm | Company | The architectural firm responsible for designing Serenia District. |
| Banian | Strategic Partner | Company | A partner in developing the Serenia District together with Palma Development. |