AED 150 million project to add value to the affordable luxury residential development niche in Dubai
Dubai: The latest project from Pantheon Development, Elysee Heights in Jumeirah Village Circle (JVC), has been sold out 100 per cent, endorsing the rising demand and investor affinity for the niche affordable luxury residential segment.
The development of the project – G+4P+11 coming up in District 15 of JVC across an area of 200,000 sq. ft – kicked off with ground breaking in September this year and work has been progressing keeping pace with the hand over time lines of the planned delivery in Q4 2025.
“Elysee Heights is yet another project in the portfolio of Pantheon Development which further testifies that the concept and value proposition of affordable luxury pioneered by us in the growing Dubai’s real estate market is win-win for all stakeholders,” said Jenis Kinariwala, Owner of the company.
The sales closure of Elysee Heights also marks the beginning of the next phase of residential development in the affordable luxury segment for Pantheon Development, she said, adding that new residential projects worth AED 2 billion is lined up and construction will start during 2023-24. The new projects will add to Pantheon Development’s current AED 1 billion developments in JVC over 1.3 million sq. ft, most of which delivered in scheduled time lines.
The completed and delivered projects of Pantheon Development in JVC include Pantheon Boulevard and Elysee I and Elysee II. The ongoing projects – Elysee 3 and Pantheon Heights – both 100 per cent sold out – are scheduled for handover in early 2024 and 2025 respectively.
Elysee Heights comprise 183 residential units across studios, one and two bed units, and 10 retail units. Studios are in the range of 390-425 sq. feet, one-beds 650 to 800 and two-beds ranging from 850 to 1,100 sq.ft.
The project also comes with modern kitchen appliances in all residential units, and other amenities will include swimming pool, a fully-equipped gym, dedicated kids’ play area and a retail space for shopping.
“Pantheon’s affordable residential developments in JVC have set a new innovation benchmark in Dubai’s real estate market. Right from our very first project to the upcoming developments in the pipeline, investor enthusiasm has remained overwhelming. The double-digit growth in Dubai’s property market combined with the emirate’s pre-eminent status as an investment and lifestyle destination with superior quality of life has also ensured our growth and success,” said Jenis Kinariwala.
The main contractor for Elysee Heights is Al Serh Al Kabeer Construction LLC, and Al Khawajah Engineering Consultants is the design consultant.
All of Pantheon Development’s projects are in JVC, and the new projects will further reinforce the concept and value of affordable luxury, Jenis Kinariwala said, adding that each project have been developed taking into account that sustainability is the need of the times to protect environment and energy efficiency.
Note on Pantheon Development
Pantheon Development, a fast-growing real estate company in Dubai, specializes in building affordable luxury homes. In 2019, it won the “Best Affordable Luxury Property” award. For Pantheon Development and its Owner Jenis Kinariwala, this award is not just recognition but a validation of their strong commitment to affordable luxury. It sets the standard for their goals in every project. This award has motivated Pantheon to continue striving for excellence and expanding their range of projects. As a well-known figure in Dubai’s real estate field, Jenis Kinariwala has openly discussed the challenges of real estate financing. Her approach involves careful planning and exploring different funding options, including non-banking financial companies, to ensure the success of each project. While self-funding is the primary source, the company also seeks investor support and forms partnerships to strengthen their initiatives.
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