Shapoorji Pallonji to outsource contracts
dubai – Property developer Shapoorji Pallonji (SP) will outsource over Dh400 million of contracts for its Downtown Dubai project Imperial Avenue, a company executive said on Monday.
The company is investing Dh1 billion in its 95,600 sqft first Dubai project Imperial Avenue which is projected to be completed in the third-quarter of 2019.
Cyrus Engineer, Managing Director at Shapoorji Pallonji Property Developers, said 15 per cent construction and 20 per cent sale is complete.
“Frankly, we would have expected slightly brisker response, but it has not been bad at all. For the last five months, demand has been growing month-on-month. So it’s encouraging. We have strong legacy, but we are coming for the first time as a developer in this part of the world, people want to see how we are progressing. And they see that brisk activity is happening on the construction site,” he noted.
There is certain level of buoyancy in the market and reports show upward trend, he added.
The group’s contracting firm Shapoorji Pallonji International Fze handled $1.2 billion (Dh4.4 billion) worth of contracts last year in the Middle East region. Currently, most of its bidding efforts are for projects ranging from Dh200 million to over Dh1 billion. Led by infrastructure development by the government, the contracting unit sees considerable developments in hospitality, retail and commercial sectors in approaching year.
According to BNC Network’s recently-released figures, around 7,488 projects worth $228 billion (Dh836.76 billion) are in concept, design, tender, under construction, and on hold stages in the UAE.
According to Engineer, Imperial Avenues, which will house 424 units of 1,2,3,4 and 5 bedroom apartments and 3,4 and 5 bedroom podium villas, has buyers of mixed nationalities including Emiratis, Indians, Kuwaitis, Saudis, New Zealanders and Africans as well. The prices start from Dh1.5 million for apartments and Dh12 for podium villas.
Shapoorji Pallonji’s Dubai office will cater Indian-headquartered company’s international operations. Engineer revealed that as part of company’s expansion strategy, they are “looking at opportunities in Oman, Kenya, Ghana and Sri Lanka; and of course Dubai will be our stronghold.” — waheedabbas@khaleejtimes.com