SP International Property Developers’ Imperial Avenue in Dubai expected to complete in 2019
Shapoorji Pallonji International Property Developers, the Indian engineering and construction group, says it has started construction on its Imperial Avenue project in Downtown Dubai.
The $350 million project is the company’s first in the Middle East, Shapoorji Pallonji said in a statement.
It will span 95,600 sq ft and is expected to be completed in the fourth quarter of 2019. Enabling works are in progress, with major work on the superstructure scheduled to commence in the second half of January 2017.
Shapoorji Pallonji International Property Developers said it plans to have the raft, substructure and structural works up to the first floor of the project completed by October 2017. From November 2017 to October 2018, construction from the second to 35th floors is planned, with the remaining floors expected to be completed by January 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, a division of our company with 45 years of experience as contractors in this region. This is our flagship project in the region, and we are leaving no stone unturned to make this an iconic project,” he continued.
One of the key features of the project will be a four-storey high void, known as ‘The Window’, which will be located between the ninth and 12th floor, with landscape and an infinity edge pool. The 25 residential floors above it are to be floated with one-of-a-kind 4-metre thick post-tensioned transfer slab, of 30m x 20m dimensions.
This transfer slab will be located between the 13th and 15th floor, and will be poured in two layers of 1.2m and 2.8m, Shapoorji Pallonji International Property Development said.
Façade works are expected to commence from January 2018, with a scheduled completion date in April 2019. MEP and finishing works will be progressively completed between the months of November 2017 and July 2019.
Once final testing and commissioning is finished, the project is expected to be handed over by October 2019.
The developer added that it expected that the ‘advanced technologies’ featured within the design will have a focus on sustainability and renewables, which will help reduce service costs by approximately 15% to 18%, while the 1.4 million sqft total built up area will place an emphasis on larger living space at minimal cost.
The tower is also expected to have 21,000 sqft of retail space, which will include eight shops.
Investors will be offered the chance to purchase the luxury apartments at a starting price of AED1.67 million, the developer said, adding that an attractive payment plan is being put in place for buyers.
“Today, customers can purchase an apartment at Imperial Avenue by paying 10% booking fee and an additional 10% of the cost within 90 days from booking as well as signing the Sale & Purchase Agreement (SPA),” said Rayomand Dastur, director – Sales and Marketing at SP International Property Development.
“Following this, customers will have the flexibility to pay 4 instalments of 10% each, every 6 months. We have developed this payment plan to help to minimize the monthly instalments upon completion, which is 40% of the value, reducing the burden borne by investors at a later stage,” he explained, adding that there has already been considerable interest shown from investors.