Dubai's CJ Tech Contracting picked to build Pantheon Elysee
Pantheon Elysee will be completed before Expo 2020 Dubai begins in October
CJ Tech Contracting has been awarded the main contract for Dubai's $49m (AED180m) Pantheon Elysee residential development in Jumeirah Village Circle (JVC).
The Dubai-based contractor's scope includes full construction work for the 268-unit building that will become developer Pantheon Group's second completed project in the emirate.
The value of CJ Tech Contracting's deal is confidential, but a company representative told Construction Week that building work will commence in November 2018.
Pantheon Elysee will be completed in October 2020, the same month that Expo 2020 Dubai opens its doors to the world, the developer said in a press statement.
Proximity to the megaproject may have been a consideration for the business, which said in its update on Pantheon Elysee that the project is just a 10-minute drive away from the site of Expo 2020 Dubai.
Chief executive officer and chairman of Pantheon Group, Kalpesh Kinariwala, said CJ Tech Contracting would complete its scope “on time with [the] utmost expertise and quality construction”.
When Pantheon Elysee is delivered in 2020, it will complement the developer's first project in Dubai, Pantheon Boulevard, located in JVC District 13. This 162-unit property has a gross value of $40.8m (AED150m), making the latest building more valuable than the five-storey Pantheon Boulevard.
Both Panethon-branded projects aim to capture demand in Dubai for mid-market housing at a time when prices continue to slide. Analysts including Chestertons have warned that the imbalance between supply and demand in the emirate's housing market means it may be unlikely that prices bottom out soon. However, many developers have said they remain hopeful that prices will start to rise ahead of the world expo.