UAE-based Pantheon Group has started work at its affordable luxury development, Pantheon Elysee, located in Jumeirah Village Circle (JVC), Dubai.

The Dh180-million ($49 million) Pantheon Elysee, which boasts 268 residential units and retail outlets, is expected to be delivered by 2020-end.

This is its second project in Dubai following the successful launch of Pantheon Boulevard at District 13 of JVC, said a statement from Pantheon.

The company had first completed the Dh150-million ($40.8 million) project with its own capital and then launched the sale, which is not common practice in the market as the off-plan sale is quite common in Dubai. The 162-unit project has been successfully delivered to end-users and investors, it added.

Kalpesh Kinariwala, the founder and chairman of Pantheon Group, said: "At Pantheon Development, we have always been committed to provide value for money to our clients, and our new project will accelerate our vision to offer our customers luxury units at affordable prices."

"It will also fill the gap in the affordable luxury segment in Dubai’s realty market. Considering the strength and dynamism of the Dubai property market, we are confident that the Pantheon Elysee project will generate quick and high results, whilst boosting the economic development of the nation," remarked Kinariwala.

"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," he added.

Cherian Thomas, the chairman of CJTECH contractors, said, “We are delighted to hit the ground for the start of Pantheon Elysee construction and would like to extend our heartfelt gratitude and appreciation to Pantheon Development for giving us an opportunity to build this amazing project in Dubai."

"While we will ensure that the project is completed on time, the project will reflect international standards across all phases of development," noted Thomas.

Jamal Al Khawajah, the managing director of Al Khawajah Engineering Consultancy, said: “Pantheon Development is redefining the affordable luxury segment in Dubai, and we are confident that this new project will add to the city’s top-of-the-line initiatives, which will set room for a new phase of realty to take over.”

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