Palma Holding acquires land for new development
The company is preparing for its next project at a still undisclosed location for what is described as a “contemporary, urban” designed community in Dubai
Dubai-based Palma Holding revealed on Monday that it has acquired land in preparation for its next residential project in Dubai.
Kareem Derbas, CEO and Founder of Palma Holding told Construction Week that the company is preparing for its next project at a still undisclosed location for what he describes as a “contemporary, urban” designed community on the mainland of the city.
He said: “We are hoping to begin construction on this project by the end of this year or the beginning of next year, once we complete the Serenia Residence project.”
Derbas said that Palma will be sharing further details on the new project in the next two months once the vision behind it is fully outlined.
He also said that renowned architect Hazel Wong has already signed on as lead architect, solidifying a long-running partnership with the property developer.
The new development will target middle-income buyers, a contrast from the high-end luxury development Palma is currently building on the Palm Jumeirah, the $408m Serenia Residence.
Derbas added: “It will be a really cool, chic urban development, but scaled down in terms of pricing to accommodate different income levels.”
The first-fully residential project on the Palm, the Serenia Residence is expected to be completed by the end of December 2017, with residents set to move in the following month.