Pantheon Group announces start of construction on $49mn Pantheon Elysee
JVC project consists of 268 residential units and retail outlets
Pantheon Group, the UAE-based developer, has announced the start of construction work at its affordable luxury development, Pantheon Elysee, located in Jumeriah Village Circle (JVC), Dubai.
The $49 million project consists of 268 residential units and retail outlets, the developer said in a statement. It added that delivery of the project is expected by the end of 2020.
“At Pantheon Development, we have always been committed to provide value for money to our clients, and our new project will accelerate our vision to offer our customers luxury units at affordable prices,” said Kalpesh Kinariwala, the founder and chairman of Pantheon Group.
“It 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 Pantheon Elysee 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,” Kinariwala added.
CJTECH Contractors has been appointed as the contractor on the project and Cherian Thomas, chairman, said that he was delighted to be a part of the project.
““We are delighted to hit the ground for the start of Pantheon Elysee construction and would like to extend our heartfelt gratitude and appreciation to Pantheon Development for giving us an opportunity to build this amazing project in Dubai. While we will ensure that the project is completed on time, the project will reflect international standards across all phases of development,” stated Thomas.
Jamal Al Khawajah, managing director of Al Khawajah Engineering Consultancy, added that he was confident that this new project will ‘add to the city’s top-of-the-line initiatives, which will set room for a new phase of realty to take over’.
Pantheon Elysee is the second project in Dubai for the Pantheon Group, following the successful launch of Pantheon Boulevard at District 13 in JVC, the company said. It explained that it had first completed the $40.8 million with its own capital, and then launched the sale. This is an unusual practice in the Dubai market as the majority of projects work through off-plan sales. The 162-unit project has been successfully delivered to end-users and investors, it added.
The UAE-based Pantheon Group has offices in Latin America, Far East and India with an annual turnover of more than $325 million.
