Shapoorji Pallonji starts construction of its first ME project

Following its recent announcement of Imperial Avenue, leading Indian Engineering and Construction group

Shapoorji Pallonji (SP) International Property Developers on Monday announced its plans to commence the construction of $350 million Imperial Avenue project in Downtown Dubai.

The project spanning 95,600 square feet is scheduled for completion in the fourth quarter of 2019.  

"We are excited to begin construction of the Imperial Avenue, which is expected to be completed in 34 months," said Jacob Joby, director - Development at SP International Property Developers.

"We have started with the early works such as piling and shoring for the project, which will be completed within the next two months. Following this, work on the superstructure will commence and will be constructed by our group company SP Middle East. This is our flagship project in the region, and we are leaving no stone unturned to make this an iconic project," he said.

Offering investors, the opportunity to purchase luxury apartments in the heart of the city at a starting price of Dh1.47 million, Imperial Avenue will add to the city's growing number of high end residential projects and create maximum benefits for its residents and the community.

Rayomand Dastur, director - sales and marketing at SP International Property Developers , said many investors have already shown interest in purchasing apartments in Imperial Avenue once it is complete.

"Today, customers can purchase an apartment at Imperial Avenue by paying 10 per cent booking fee and an additional 10 per cent of the cost within 90 days from booking as well as signing the sale & purchase agreement (SPA).

"Following this, customers will have the flexibility to pay four installments of 10 per cent each every 6 months. We have developed this payment plan to help to minimise the monthly installments upon completion, which is 40 per cent of the value, reducing the burden borne by investors at a later stage," Dastur said.

- business@khaleejtimes.com