Built to inform

Sign up for the daily newsletters

No, Thank you

Palma Holding ties-up with Amlak for Serenia

Through the scheme, finance is available for up to 25 years, with profit rates from 3.75% to 4.9% being fixed for the first three years

The 78,967 sqm development comprises 250 units of one to four bedroom apartments as well as penthouse suites.
The 78,967 sqm development comprises 250 units of one to four bedroom apartments as well as penthouse suites.

Palma Development has entered into a strategic alliance with real estate financer Amlak Finance to offer financing for their property at Serenia Residences on The Palm Jumeirah.

“We are very excited to have entered into a mutually beneficial relationship with Amlak Finance through this tie-up arrangements which means that more of our potential customers can own a unit at Serenia Residences, as they now have access to a range of financing scheme tailored by Amlak specifically for this premium development.,” said Kareem Derbas, CEO and co-founding partner, Palma Holding.

Under the terms of the agreement, customers wishing to purchase property at Serenia Residences through using the Shari’a compliant Amlak Finance’s services will make an initial down payment of the unit price, with Amlak, financing the balance based on the customer’s portfolio and financial status.

Through the scheme, finance is available for up to 25 years, with profit rates from 3.75% to 4.9% being fixed for the first three years.

Adnan Al Awadhi, chief commercial officer, Amlak Finance, said: “We are very pleased to be collaborating with Palma Holding for their Serenia Residences. Amlak is committed to providing innovative and leading, Sharia compliant products and services and we look forward to providing our Tatweer program to Serenia Residences’ customers.”

Serenia Residences is an $408m (AED1.5bn) project that has been designed to offer the best in resort-style beachfront living. The sole residential-only community to take up space on the Palm Jumeirah Crescent, the 78,967 sqm development comprises 250 units of one to four bedroom apartments as well as penthouse suites.

The up-scale community project features an outdoor infinity pool, lap pool, children’s pool, play area, state-of-the-art gymnasium and tennis courts. In total, 70% of Serenia Residences’ plot has been dedicated to landscaping, ensuring wide open spaces for uncluttered relaxation.

Palma Development says that its strategic alliance with Amlak Finance for sales of units at the development has given it the confidence to develop similar exclusive projects.

“Serenia Residences provides unfettered access to the Arabian Gulf and enables a host of recreational and leisure activities, both on the shoreline and in the ocean. Our new tie-up with Amlak Finance is an important new chapter for us as premium property developers and we look forward to using their financial acumen and expertise in future Palma Development projects,” added Derbas.

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week Middle East 11th Jan 2020
Jan 16, 2020