Work begins on Dh180m residential project

Dubai - Pantheon Development on Sunday hit the ground to kick-start the construction of its affordable luxury project Pantheon Elysee in Jumeirah Village Circle (JVC), Dubai.
Valued at Dh180 million, the project will have 268 residential units and retail outlets and is expected to be delivered in Q4, 2020.
Kalpesh Kinariwala, Founder and Chairman of Pantheon Group, said, the new project will also fill the gap in the affordable luxury segment in Dubai's realty market.
"Considering the strength and dynamism of the Dubai property market, we are confident that the project will generate quick and high results, whilst boosting the economic development of the nation. While we anticipate that the project will be completed on time with the support of our contractor, we are certain that this new development will serve as a boost to the UAE's burgeoning realty sector," he said.
Cherian Thomas, chairman of CJTECH contractors, said, they will ensure that the project is completed on time.
Pantheon Elysee is Pantheon Development's second project in Dubai. The developer launched its first affordable luxury project Pantheon Boulevard at District 13 of Jumeirah Village Circle. The company first completed the Dh150 million project with its own capital and then launched the sale, which is not common practice in the market as the off-plan sale is quite common in Dubai. The 162-unit project has been successfully delivered to end-users and investors.
The UAE-based firm has offices in Latin America, Far East and India with an annual turnover of more than Dh1.2 billion, or US$325 million.