Latest news with #Derbas
Zawya
10-04-2025
- Business
- Zawya
Dubai's off-plan market remains highly promising
The outlook for the UAE's real estate sector, especially Dubai's off-plan market, remains highly promising, Omar Derbas, Executive Director, Development and Engineering at Palma Development, told Zawya Projects. The sustained demand for luxury waterfront properties, combined with limited supply in prime locations such as Palm Jumeirah, continues to drive capital appreciation, he said. 'In Serenia Living, we have already witnessed a significant increase in value since launch, with some units appreciating by over 50 percent, which indicates investor confidence and market momentum,' Derbas said. Off-plan properties have been a significant contributor to Dubai real estate sector's growth with 24,920 transactions in the first quarter of 2025, up from 20,006 during the same period last year, an analysis by Springfield Properties stated. In 2025, Palma Development expects the off-plan segment to remain strong, supported by ongoing population growth, residency incentives, and increasing international investment. Dubai's position as a global hub for luxury living ensures that premium developments offering architectural distinction and lifestyle value will remain highly attractive to end-users and investors alike, Derbas said. When asked about expansion beyond Dubai, he said that Dubai remains the cornerstone of the company's development strategy, given its global appeal and strong regulatory framework. While the immediate focus remains on the timely completion of Serenia Living, the developer has launched the AED 5 billion Serenia District, a residential development in Dubai's Jumeirah Islands. The first phase of Serenia District includes West Residence, a 46-storey tower comprising 419 units. The tower reflects a Japanese Ireko-inspired design by Nikken Sekkei. 'Additional project details and phases will be announced in due course as we continue to expand our development pipeline for 2025 and beyond,' Derbas stated. As with many large-scale developments globally, Palma Development also experienced fluctuations in commodity prices, particularly since 2024 and ongoing in 2025, since inflationary pressures are affecting the cost of materials such as aluminium, steel, concrete, and imported finishes. However, the developer claimed its procurement strategy has been to plan ahead and secure pricing through long-term agreements wherever possible. 'While there has been some upward pressure on costs, it has been well managed within our overall budget parameters. Cost increases have not impacted our commitment to excellence,' Derbas said. (Reporting by P Deol; Editing by Anoop Menon) (
Trade Arabia
17-03-2025
- Business
- Trade Arabia
Palma's 226-unit beachfront project set for 2025 completion
Palma Development, a major property developer in the UAE, has announced that steady progress is being made on its AED3 billion ($816 million) ultra-premium beachfront development - Serenia Living - located on the crescent of the Palm Jumeirah, with the project already 70% completed. This milestone exemplifies substantial progress toward delivering one of Dubai's most coveted pro-jects, further reinforcing Palma's dedication to timely project delivery, said the Emirati developer. A uniquely designed development - Serenia Living features 226 exclusive residences with a mix of two-, three- and four-bedroom apartments, full-floor and half-floor penthouses, and one of Dubai's most exclusive Sky Mansions. The project's high-end amenities include one of the largest residential swim-ming pools in the city, a gym with a dedicated personal training area, multiple indoor and outdoor children's play areas, and direct beach access, stated the developer. Giving a project update, Omar Derbas, Executive Director, Development and Engineering at Palma Development, said: "Serenia Living is progressing smoothly and remains on track for the expected completion by the end of 2025, while maintaining the exceptional quality that defines all our projects." "As we move into the final phase of construction anticipation continues to build among our discerning clientele, who will soon experience a new standard of upscale beachfront living," noted Derbas. With its ultra-prime location, best-in-class amenities, and unwavering focus on delivering bespoke residential experiences, the project is set to become a landmark of opulence on Palm Jumeirah.
