The awards for Al Habtoor Tower and Serenia Living have sparked a new construction boom in Dubai. Experts say this is the best scenario for the UAE economy.
Over the past few years, developers in the UAE have been working hard to complete their planned projects. As a result, the real estate sector in the country is now preparing to welcome a significant influx of new properties that will be available on the market in the next 3-5 years.
There are two projects went to premium off-plan – Al Habtoor Tower on Sheikh Zayed Road worth AED 1 billion (US$ 270 million) and Serenia Living on Palm Jumeirah worth 817 million dirhams (US$ 222.44 million).
According to BNC Network, Nouf Independent Water Works was in first place with a contract value of 2 billion dirhams (US$ 540 million).
The announcement of the revitalization of Palm Jebel Ali, where the basic infrastructure already exists, will lead to significant construction awards.
Also, keep an eye out for further construction activity by developers in the Expo City area and in Palm Jumeirah itself. One of the most anticipated launches will be the Armani residential project on the island from the developer Arada.
Serenia Living on the Palm Jumeirah has been ranked in the top three since the beginning of the year. Khansaheb Group was the winning bidder for this luxury project.
Situated on Palm Jumeirah’s first site in the Western Crescent, Serenia Living offers residents unobstructed panoramic views of the island, sea, and Dubai skyline, plus the benefits of trendy restaurants and attractions nearby.
Serenia Living will be the next iconic attraction in the popular Palm Jumeirah area. This ultra-luxury residential development from Palma Holding was launched in the second quarter of 2022 and consists of 4 towers, with 20 luxurious 3 and 4-bedroom penthouses, as well as exquisite apartments in 1-3-bedroom configurations.
All residences will have 1 or more balconies and each residence will have a maid’s room with the exception of 1-bedroom apartments and a limited number of 2-bedroom apartments. Additionally, the penthouses will have a family room with “hot” and “cold” kitchens, for maximum convenience and comfort of the owners.
The starting price for units in this complex is AED 5,500,000 (US$ 1,497,457), the payment plan is split 50/50, and the project is scheduled for completion in the 4th quarter of 2025.
This 31-story residential tower on Marina Walk will feature 169 light and 1-3 bedroom luxury apartments and four two-story townhouses with breathtaking views of Dubai Marina. The 3-kilometre promenade will feature jogging, cycling, and walking paths next to the marina and numerous shops, lively nightclubs, and restaurants.
Parking includes 215 spaces with easy access from and on Sheikh Zayed Road. Walking distance to a shopping center and transport options include water taxis, trams, and metro stations.
Properties in Al Habtoor Tower are upscale apartments with 1, 2 or 3 bedrooms. Each apartment has a living room, kitchen with appliances, bathroom, toilet, and balcony with beautiful views of the surrounding area. The thoughtful interior of the complex attracts many investors. The cost of apartments with an area of 152 sq. m with three bedrooms starts from 1,800,000 UAE dirhams (US$ 49,000).
Armani Beach Residences is an upcoming luxury project that will be located on the eastern crescent of the popular Palm Jumeirah. This is the latest venture of the Armani Group, created jointly with developer Arada Properties.
Potential buyers will be offered a wide selection of premium residences. By becoming the owner of a property at Armani Beach Residences, you will become the owner of a unique space with high-quality finishes and luxurious interiors. The project is scheduled to be completed by the end of 2026. Housing prices have not yet been announced.