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Pantheon Group to invest Dh600 million in Dubai

dubai - Developer launched sales of its Dh180 million Elysee project in JVC

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Pantheon Group's investments in Dubai's real estate projects will reach Dh600 million by 2020 and it plans to launch new projects in Jumeirah Village Circle (JVC), its chairman and founder said.

Kalpesh Kinariwala said the firm intends to nearly double the built-up area from 550,000sqft to 1 million sqft by 2020.

"We have already invested Dh330 million in two projects and will invest another Dh250 million by 2020 in Jumeirah Village Circle," said Kinariwala.

Pantheon on Saturday launched sales of its Dh180 million Elysee project in JVC, which houses 268 residential units and retail outlets. It is expected to be delivered in Q4 2020. The developer launched its first affordable luxury project, Pantheon Boulevard, in District 13 of JVC, costing Dh150 million and housing 162 units.

The company plans to have a 25 per cent market share of JVC.

"JVC roughly does around 1,800 apartments in sales a year and we plan to do roughly 25 to 30 per cent of that market share. With the launch of these 180 apartments, and if we launch one project by the end of this year, we will reach 450 to 500 apartments," Kinariwala added.

"JVC is one of the best master developments in the affordable segment. If you look at a studio, it is being sold on a four-year payment plan priced at Dh399,000 and a one-bedroom apartment starts from Dh500,000," he said.

- waheedabbas@khaleejtimes.com