Ground broken on $49m Pantheon Elysee in Dubai's JVC
Developer hopes project will fill the gap for affordable housing in the UAE
Building work for the 268-unit Pantheon Elysee development has started after ground was broken on the mid-market property in Dubai's Jumeirah Village Circle (JVC).
CJ Tech Contracting is the main contractor on site, with Dubai-based Al Khawajah Engineering Consultants involved as the scheme's consultant. The client, Pantheon Development, awarded the deal for the $49m (AED180m) mixed-use project in November this year and expects it to complete in the fourth quarter of 2020.
Elysee is the developer's second project in Dubai, following the launch of the $40.8m (AED150m) Pantheon Boulevard, located in District 13 in JVC.
Both of Pantheon's real estate projects are built to target mid-market buyers in JVC, a master development community, and address Dubai's affordable housing shortage.
Chairman of CJ Tech Contracting, Cherian Thomas, said he would do his utmost to ensure Pantheon Elysee “is completed on time” after the contractor hit the ground this week.
Al Khawajah's managing director, Jamal Al Khawajah, said that the project would support the emirate's wider strategy to address the affordable housing gap.
He said the engineering consultancy was “confident” that the project will help to “kick-start a new phase of realty to take over”.
Kalpesh Kinariwala, founder and chairman of Pantheon Group, to which Pantheon Development belongs, has also spoken about the need for real estate to plug the affordable housing gap.
“[Pantheon Elysee] will also fill the gap in the affordable luxury segment in Dubai’s realty market,” he said.
“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.”