Serenia Residences has announced the purchase of the most expensive plot by a private investor in Dubai this year in one of the biggest land deals in the United Arab Emirates.

The deal is worth a reported AED508 million ($140 million) on the crescent of the Palm Jumeirah.

The plot will be used to develop a new beachfront development, after the successful completion and sales of Serenia Residences — the most exclusive beachfront residences at the crescent of the Palm, said the developer.

The new project, worth AED2.5 billion, has a built-up area of approximately 1.2 million square foot, and will be developed by Palma Holding.

A prestigious name in the real estate industry, the company previously completed iconic residential projects, such as Silverene Towers and Olivara Residences, as well as the renowned Serenia Residences, the Palm.

Hassan H Nia, chief executive of Banian, the owner of Serenia Residences, said: “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 Jumeirah. 

“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.

“The vision and long-term strategy of the emirate’s leadership encourages us to keep building and investing in a city that never fails to amaze and exceed expectations.”

The new project will be launched in 2022, and more details will be announced in due course.