Dubai's Imperial Avenue is on track to meet its targeted handover date of December 2019, according to its developer, Shapoorji Pallonji.
The residential development represents the contracting giant's first foray as a developer outside of its domestic market of India.
Cyrus Engineer, managing director of Shapoorji Pallonji International Property Developers (SPIPD), said that 424-apartment luxury tower is around 16% to 20% complete.
“As we speak, we’re casting the podium's second slab, and we have a lead of close to around 35 to 40 days in terms of construction schedule,” he told Construction Week on the sidelines of Cityscape Global 2017. “We’re completely on track; in fact, we’re slightly ahead of schedule.”
Engineer added that Shapoorji is expecting the project's super-structure to complete by January 2019.
Valued at $158m (AED581m), Imperial Avenue was unveiled at last year’s edition of Cityscape Global.
“Last year was a good experience,” Engineer said, noting that the company’s focus then was increasing people’s awareness of the developer arm of Shapoorji Pallonji Group, a company more known in the Middle East for its work as a contractor.
Revealing that 20% of the project has been sold, he added: “This year, we’re actually looking at transacting on the ground of Cityscape.”
The company announced yesterday that it was offering an exclusive payment plan for investors at Cityscape. The scheme allows buyers to purchase an Imperial Avenue apartment with a down payment of 5%, and a subsequent payment of 40% of the property value during construction. The remaining 55% can be paid upon project completion.
While Shapoorji’s priority at the moment is delivering Imperial Avenue, Engineer said that the company is “looking at increasing its development footprint” in and outside the GCC.
“We’re currently looking at projects in Dubai, as well as in Africa and Sri Lanka. We are evaluating our options cautiously, but we’re primarily interested in residential and mixed-use projects,” said Engineer.
Cityscape Global opened yesterday at the Dubai International Convention and Exhibition Centre (DICEC), and is scheduled to conclude its three-day run tomorrow, 13 September.