The Palm has its share of super-luxury projects - and one more is on the way soon from Palma. All through 2021, the Palm has been setting Dubai records for most expensive property sales and rentals. And with a Dh508 million tag on a new plot, on land values too. Image Credit: Gulf News Archive

Dubai: A Dubai-based investor, Serenia Residences ltd., has picked up what is billed as Dubai's "most expensive plot" by a private investor this year - Dh508 million for land on the crescent of the Palm. The plot will be used to develop a new beachfront residential property and follows the completion and sales of Serenia Residences, which too is on the crescent.

The new project - expected to cost Dh2.5 billion to build - will take up around 1.2 million square feet. It will be developed by Palma Holding, which is the name behind Silverene Towers, Olivara Residences and Park as well as Serenia Residences, The Palm.

The project will be launched next year, with more details to be announced later.

Hassan H. Nia, founder and CEO of Banian, which owns Serenia Residences, “Following the completion and near sell-out of Serenia Residences, we are excited to purchase this landmark plot to build another masterpiece on one of the most unique locations in Dubai - The Palm.

"Dubai is one of the world’s safest havens for investors, made evident by the transactions that have surpassed pre-pandemic levels as well as by the number of international investors who are choosing Dubai’s real estate market to purchase property."

Dubai’s residential market has seen incredible growth in the past 12 months, spurred by the government’s decisive and steadfast handling of the global situation to create a safe, consistent and confident investment ecosystem

- Kareem Derbas, CEO of Palma Holding