Dubai, UAE — UAE-based Palma Development has awarded a AED 760 million ($206 million) construction contract to Khansaheb Civil Engineering for West Residence, the first 46-storey tower in Serenia District at Jumeirah Islands.
The AED 5 billion masterplan includes six towers around lifestyle zones such as the Serenia Signature Clubhouse, Health and Social zone, Sports and Recreation spaces, Family Oasis, Nature Discovery zone, and Wellness Retreat. West Residence offers 411 one-, two- and three-bedroom homes plus two penthouses.
Serenia District Project Details
The development emphasizes a balance of urban access and seclusion, minutes from Jumeirah Lake Towers, DMCC, Uptown, and Dubai Marina, with 20km of walkways. Khansaheb, with a legacy since 1935, previously delivered Serenia Residences The Palm and handles Serenia Living on Palm Jumeirah.
Also read: Nakheel Awards AED 400M Contract for Crown Garden Villas on Palm Jumeirah
Palma CEO Kareem Derbas said: “The Serenia brand has evolved into a trusted name for residents and investors who prioritise stability, quality, and long-term value. The returns delivered across our earlier developments reflect that commitment. As we enter the next chapter with Serenia District, we do so with full confidence in Khansaheb.”
Hassan H. Nia, Founder & CEO of Banian FZCO, stated: “Our work begins with selecting the right locations and the right partners. Banian and Palma Development are proud to once again appoint Khansaheb as our construction partner for the evolution of the Serenia brand.”
Tariq Khansaheb, Chairman of Khansaheb Civil Engineering, added: “Our work with Palma Development and Banian began more than a decade ago, and it remains a partnership we care about deeply… The development will be a defining addition to the Emirate, and we are proud to play a part in bringing it to life.”
Dubai Off-Plan Surge Context
Dubai’s off-plan sales hit records in Q3 2025, with 42,000 transactions up 23.6% year-on-year, comprising 76% of activity, per Cavendish Maxwell. Knight Frank reported average residential values up 2.5% quarterly and 10% annually, with 56,854 Q3 sales worth $31.8bn. Jumeirah Islands saw villa prices surge 41.7% yearly, reflecting prime demand.
Also read: Tomorrow World Bets AED 8 Billion on Dubai Islands Real Estate Pipeline
Indian investors favor Dubai for 8-15% tax-free ROI, Golden Visa via AED 2m properties, and direct flights, amid 2025 visa reforms easing access. Off-plan flexibility suits Liberalised Remittance Scheme limits, with Jumeirah Islands’ growth aligning to mid-luxury trends. CBRE notes 11% apartment rental rises from supply constraints.
Serenia District’s lifestyle focus positions it for sustained appreciation amid Dubai’s 16.1% yearly price gains, per Cavendish Maxwell, offering Indian buyers residency pathways and yields outpacing Mumbai’s 3-5%.
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