UAE-based Pantheon Group said one of its units Pantheon Development has signed up CJ Tech Contracting for the construction of its landmark luxury residential project, Pantheon Elysee, in Dubai.

The Dh180-million ($49 million) development, which is located in Jumeirah Village Circle (JVC), will feature 268 residential units as well as commercial units. It is expected to be delivered in October 2020, ahead of the World Expo Dubai, said a statement from the company.

This is Pantheon Group's second project in the affordable luxury segment in Dubai. Earlier it had launched the Dh150-million ($41 million) Pantheon Boulevard, a 162-unit residential project at the District 13 of JVC in Dubai, it added.

Pantheon Development is a rising star in the affordable luxury segment of the Dubai real estate market, said a senior company official.

"We are pleased to announce that Pantheon Development is ready to hit the ground for its second project in Dubai. In this regard, we have appointed CJ Tech as our main contractor for the construction of Pantheon Elysee, which is another affordable luxury project by us," remarked Kalpesh Kinariwala, the chief executive and chairman of Pantheon Group.

"CJ Tech Contracting is a well-known name in the real estate sector in the UAE, and we hope the company completes the project on time with utmost expertise and quality construction," he added.

CJ Tec Contracting is part of CJ Group Companies which comprises Ciji Building Metallic Industries, Ardour Technical International and Ciji Building Metallic Construction Private Limited.

It has over a decade of experience in construction industry in UAE and India offering complete solutions for building and infrastructural projects.

The UAE-based well-diversified Pantheon Group has offices in India, the Far East, and Latin America and boasts an annual turnover of more than Dh1.2 billion ($325 million).-TradeArabia News Service