Imperial progress made by Shapoorji Pallonji
Downtown Dubai development is 40 per cent complete ahead of 2019 handover
Shapoorji Pallonji (SP) International Property Developers (SPIPD) has announced that its iconic residential Imperial Avenue tower is now 40 per cent complete and on schedule for handover by December 2019.
The luxury residential development, valued at over AED1.5bn, is located in Downtown Dubai and is the company’s flagship project in the UAE.
Construction of 28 floors has been completed in less than two years.
“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 SPIPD.
A flexible payment plan, that allows investors to pay a down payment of just 10 per cent, subsequent payments of 20 per cent of the property value during construction, and balance 70% of the property value upon project completion, has resulted in a comfortable sales position 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.
Imperial Avenue consists of 424 apartments and five levels of parking.