Business & Money | Sunday 14 June, 2015 1:51 pm |

Palma Development has announced that it has already sold 70 per cent of Phase 1 at Serenia Residences, the sole residential-only community to take up space on Dubai’s exclusive Palm Jumeirah Crescent. The real estate organisation - a subsidiary of Palma Holding - launched the exclusive property onto the market on May 5, 2015, with the first phase comprising its North & West Wing. Company representatives say that the strong sales figures achieved in just one month are an indication of the value customers place on securing privacy and tranquility in the city’s most sought-after areas.

“In the space of one month, Palma Development has approached the three quarters sell out figure for North & West Wing units at Serenia Residences. The demand being experienced is a testament to the importance that property investors and end users are placing on world class developments that offer unique beachfront lifestyles. Serenia Residences features only residential apartments and penthouses directly on the beach, with each and every one of the properties offering stunning views and superb access to the Arabian Gulf. These features alone make it the most exclusive beachfront residence in the city,” said Kareem Derbas, CEO and Co-Founding Partner, Palma Holding.

Designed by Hazel Wong, the famous architect behind the landmark Emirates Towers, Serenia Residences is an 850,000 sq. ft. development comprising 250 units, with one to four-bedroom apartments ranging in size from 904 sq. ft. to 4,144 sq. ft. as well as penthouse suites, the largest of which covers 12,648 sq. ft. The AED 1.5 Billion project has approximately 70 per cent of its plot dedicated to landscaping and amenities, ensuring wide open spaces for recreation and relaxation. Among the development’s premium leisure features are an outdoor infinity pool, lap pool, children’s pool, children’s play area, gymnasium and tennis courts. Barbeque areas with seating and fire pits situated on the beach provide the perfect beachfront living experience.

The 70 per cent sales figure for Serenia Residences North & West Wing equates to 45 per cent of sales for the entire project, with Palma Development launching the Penthouse Wing (East Wing) after the summer. The largest national grouping of customers so far are citizens of Saudi Arabia who form a quarter of all sales, followed by Lebanese nationals in second place and Indian and British nationals in joint third-place. In total, 28 nationalities have invested in Serenia Residences; a figure the company says highlights the development’s cosmopolitan feel.

“Serenia Residences was introduced to offer the very best in resort-style beachfront living and was designed to have a universal appeal with contemporary architecture and layouts unique to the Palm Jumeirah. With its bespoke concierge services and luxury amenities, the development will live up to its vision of becoming Dubai’s most exclusive beachfront residences. Given the demand experienced since we opened for sales just four weeks ago, we anticipate that we will have sold all the remaining Serenia Residences units by end of Q4 this year,” added Derbas.