Dec 06 2016   | Source: Zawya 

Shapoorji Pallonji Commences Construction of First Real Estate Project in the Middle East

Following its recent announcement of Imperial Avenue, leading Indian Engineering and Construction group Shapoorji Pallonji (SP) International Property Developers, today announced its plans to commence the construction of the project at the site located in Downtown Dubai. A testament of the company’s long-term commitment to the real estate market in the region, this $350M 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, 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 in the project is a 4-floor high void, ‘The Window’ located between the 9th and 12th floor with landscape and infinity edge pool on the 9th floor. The 25 residential floors above the void are floated with one of its kind 4m thick post-tensioned transfer slab of dimension 30m x 20m. This transfer slab is located between the 13th and 15th floor, and will be poured in 2 layers of 1.2m and 2.8m sequence.

The enabling work is in progress, and as planned, major work on the superstructure will commence in the second half of January 2017. The raft, substructure and structural works till the 1st floor are scheduled for completion by October 2017. From November 2017 till October 2018, construction from the 2nd to 35th floors is planned. The remaining floors till the roof are expected to be completed by January 2019.

The façade works, which is a major component of the project, will commence from January 2018 with an aim to be completed by April 2019. The MEP and the finishing works will be progressively completed during the period of November 2017 and July 2019. After the final testing and commissioning, the project is expected to be ready for handover by October 2019.

Furthermore, the advanced technologies with a focus on sustainability including renewables featured within the project design are expected to help reduce the service costs by approximately 15-18 per cent, while the 1.4 million square feet total built up area of Imperial Avenue will emphasize on larger living spaces at minimal costs. Moreover, this tower will also encompass 21,000 square feet of retail space, which will include eight shops to further enhance community living.

Offering investors, the opportunity to purchase luxury apartments in the heart of the city at a starting price of AED 1.47 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.

SP International Property Developers recently hosted a real estate broker’s meet at five-star Taj Dubai to introduce Imperial Avenue to the public, which included informal meetings and networking opportunities between the developer and local agents in the market.   

Rayomand Dastur, Director - Sales and Marketing at SP International Property Developers said, “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 4 installments of 10 per cent each every 6 months. We have developed this payment plan to help to minimize the monthly installments upon completion, which is 40 per cent of the value, reducing the burden borne by investors at a later stage.”

Dastur also said many investors have already shown interest in purchasing apartments in Imperial Avenue once it is complete. Imperial Avenue can be booked from today at the corporate office located in Opal Towers, Business Bay in Dubai.

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