Real Estate

Palma’s $1bn signature

December 2014

UAE-BASED Palma Holding, a specialist in luxury residential and mixed-use complexes, is set to launch two new signature real estate projects worth Dh3.7 billion ($1.07 billion) in Dubai, UAE, next year.

The first one is a luxury beachfront residential project that will come up on The Palm Jumeirah. Designed to be Dubai’s most exclusive, the project is a mix of one-, two- and three-bedroom apartments and luxury penthouses and will be constructed to make the most of the archipelago’s beachfront.

The company’s second project, set to be launched by the fourth quarter of next year, is a luxury residential project in one of Dubai’s premium locations.

Announcing the projects, Kareem Derbas, the CEO and co-founding partner at Palma Holding, says: “We are delighted to announce two new high-end developments for Dubai, with work on the first project starting early 2015. “The emirate’s real estate market is showing sustainable stability and growth, with investors increasingly confident in the sector. Palma’s strategy is to build on this existing confidence and generate even more optimism. We feel that it is the right time to introduce these two signature projects for our investors’ profitable investment.”

Furthermore, in a non-residential development project, Palma has partnered with the German Association in Dubai to develop the German International School in Dubai (GISD) in the Academic City.

Construction of the 1,000-student facility began in the middle of this year and is due for completion in August, in time for the start of the next academic year.

“Our focus is on developing projects in unique and prime locations across Dubai, namely Dubai Marina, The Palm Jumeirah and Downtown Burj Khalifa, with a priority on waterfront orientation,” Derbas says.

“With location being the most important factor in real estate valuations, Palma pays a great deal of importance to the location of its projects.”

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