Shapoorji Pallonji (SP), one of India’s leading construction groups, said the work on its iconic luxury tower, Imperial Avenue, had been 40 per cent completed and was on schedule for handover by December next year.
Located in Downtown Dubai, the luxury residential project is being developed by the group's property unit, Shapoorji Pallonji International Property Developers (SPIPD). This is the company’s flagship project in the UAE.
Construction of 28 floors has been completed in less than two years, demonstrating the company’s long-term commitment to the UAE real estate market and to this landmark project valued at over Dh1.5 billion ($408 million).
"We are very pleased with the progress of Imperial Avenue and delighted to announce that we are currently on schedule for a timely completion in twelve months," remarked Cyrus Engineer, managing director at SP International Property Developers.
“SPIPD prides itself on serving clients with transparency and honesty to meet contractual handover date. This confirms our commitment to our investors,” he stated.
A flexible payment plan, that allows investors to pay a down payment of just 10 per cent, subsequent payments of 20 per cent of the property value during construction, and balance 70 per cent of the property value upon project completion, has resulted in a comfortable sales position for the company, he added.
Imperial Avenue, an exclusive collection of luxury homes in Downtown Dubai, consists of 424 apartments and five levels of parking.
Emphasising on larger living spaces, this premium residential project epitomises a luxurious lifestyle, offering plush one- to five-bedroom apartments, penthouses and podium level villas complete with lavish living rooms, designer kitchens, relaxing bathrooms and massive private decks.
One of India’s oldest family business conglomerates, Shapoorji Pallonji boasts a rich legacy of more than 151 years constructing world-renowned landmarks including the tallest residential building in India, the largest mall in India, the largest cement clinker plant in Asia, nuclear research establishments, airports, factories and stadiums.
“The property market in the UAE is seeing early signs of resurgence leading to renewed optimism and we at SPIPD have been closely monitoring this trend,” remarked Cyrus.
"We have developed this payment method to help investors by offering them flexibility, reducing the burden borne at an earlier stage, and we are confident that this is an opportune time to invest in a project like ‘Imperial Avenue’ that offers new levels of refinement for consumers in the country," he added.
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