Shapoorji Pallonji to handover $408mn ‘Imperial Avenue’ tower by Q4 2019
In a bid to fulfill its promise to the region, Shapoorji Pallonji (SP) International Property Developers (SPIPD) has announced that its iconic residential Imperial Avenue tower is now 40% complete and on schedule for handover by December 2019. The luxury residential project, located in Downtown Dubai, is the company’s flagship project in the UAE.
Construction of 28 floors has been completed in less than two years, demonstrating the company’s long-term commitment to the UAE real estate market and to this landmark project valued at over $408 million (AED 1.5 billion).
“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 SP International Property Developers. “SPIPD prides itself on serving clients with transparency and honesty to meet contractual handover date. This confirms our commitment to our investors.”
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 Cyrus. “We have developed this payment method to help investors by offering them flexibility, reducing the burden borne at an earlier stage, and we are confident that this is an opportune time to invest in a project like ‘Imperial Avenue’ that offers new levels of refinement for consumers in the country.”
Imperial Avenue, an exclusive collection of luxury homes in Downtown Dubai, consists of 424 apartments and 5 levels of parking. Emphasizing on larger living spaces, this premium residential project epitomises a luxurious lifestyle, offering plush 1, 2, 3, 4 and 5 bedroom apartments, penthouses and podium level villas complete with lavish living rooms, designer kitchens, relaxing bathrooms and massive private decks.