Construction

SPIPD to handover $408mn Imperial Avenue by Q4 2019

Shapoorji Pallonji’s luxury residential project is now 40% complete and on schedule for handover

Shapoorji Pallonji International Property Developers has announced that its flagship project – a residential tower known as Imperial Avenue – is now 40% complete and on schedule for handover by December 2019.

Located in Downtown Dubai, the project has seen 28 floors completed in less than two years of construction. In a statement, the developer claimed that the pace of construction demonstrates the company’s long-term commitment to the UAE real estate market and to the $408.3 million project.

“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,” said 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 added that a flexible payment plan that allows investors to pay a down payment of 10%, subsequent payments of 20% of the property value during construction, and the remaining 70% of the property value upon project completion, has resulted in comfortable sales for the company.

“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,” added Engineer.

“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.”

Imperial Avenue is a collection of luxury homes in Downtown Dubai. It consists of 424 apartments and five levels of parking. With the emphasis on larger living spaces, the project offers one-, two-, three-, four- and five-bedroom apartments, penthouses and podium level villas.

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