tag:blogger.com,1999:blog-5848640164815342479.post8654770821637931037..comments2024-03-18T16:01:13.871-07:00Comments on Haq's Musings: Gated Communities For Upwardly Mobile PakistanRiaz Haqhttp://www.blogger.com/profile/00522781692886598586noreply@blogger.comBlogger36125tag:blogger.com,1999:blog-5848640164815342479.post-70310865641783493542023-06-11T13:07:52.113-07:002023-06-11T13:07:52.113-07:00ALIZEH KOHARI
The road to the city of the future: ...ALIZEH KOHARI<br />The road to the city of the future: evictions, demolitions and land reclamation.<br /><br />https://www.thedial.world/issue-4/karachi-coastline-waterfront-development<br /><br /><br />“WHO WOULDN’T WANT A SKYLINE IN KARACHI, YAAR?”<br /><br />WHEN: December 2022<br /><br />WHERE: An under-construction development on land reclaimed from the Arabian Sea, Defence Housing Authority, Phase-VIII extension, Karachi<br /><br />The apartment I was being shown did not exist, but no matter — until some decades ago, the ground beneath us didn’t either. On Google Earth, you can see this coastal appendage mutate over time, lengthening and fattening: Little rectangular plots divide and multiply amid fading foliage, extending an expensive Karachi neighborhood, pushing back the Arabian Sea. Inside the apartment that did not yet exist — we were inside a temporary model unit — the sales associate clacked past a six-person dining table to the far end of the living room.<br /><br />“And here, you have a floor-to-ceiling oceanfront view,” she said brightly. I nodded appreciatively at the blank wall.<br /><br />Later, we climbed up to the roof of the sales office and watched the construction taking place along the water’s edge. A paraglider swooped over mounds of upturned earth; a black kite dodged the long arm of a tower crane. The sea was pockmarked with distant trawlers. Ground broke on the first of 19 towers last year; when the project is completed, by the end of 2025, this sales office — including the model apartment we just toured — will be dismantled: Its glossy floors and gilded chandeliers exist only to pitch high-end vertical living to deep-pocketed Pakistanis. Alina, whose job it is to sell this dream, grew up in Dubai and is afraid of heights.<br /><br />“I’d consider it, maybe, if someone gave me the penthouse,” she said, with a shrug.<br /><br /><br />✺<br /><br />In Karachi, facts are always in flux. The city is home to 15 million people— or 20, or 30, depending on which account convinces you. It has long been touted as one of the world’s fastest-growing cities, but preliminary census data indicates a possible downtick in population in recent years, findings that will no doubt be hotly contested in coming months. It is a city of opportunity: Like New Yorkers, most Karachi-wallahs are originally from somewhere else, drawn like moths to the metropolis.<br /><br />Still, to appreciate the current contestation over Karachi, take any small stretch of land — say, along the city’s coastline, which is 90 or 48 or 27 kilometers long, based on whom you cite — and watch it morph before your eyes, like an optical illusion, depending on who is telling its story.<br />It is a city of danger: Last year, more than 78,000 vehicles and 30,000 mobile phones were snatched at gunpoint; dozens of people were killed when they resisted. (Most people in Karachi can relate multiple genres of mugging stories: absurdist comedy, thriller, tragedy.) A hundred years ago, it was no more than a cluster of small fishing villages. Seventy-five years ago, it was the capital of the new state of Pakistan, welcoming hundreds of thousands of refugees from neighboring India. Today, it is violently remaking itself into a city of the future, through evictions, demolitions and land reclamation<br /><br />[Read: The Dispossession of District Six]<br /><br /><br /><br />All cities contain multitudes; this is not a particularly astute observation. Still, to appreciate the current contestation over Karachi, take any small stretch of land — say, along the city’s coastline, which is 90 or 48 or 27 kilometers long, based on whom you cite — and watch it morph before your eyes, like an optical illusion, depending on who is telling its story.<br /><br />✺<br /><br />The developer of this particular gated community is the scion of a United Arab Emirates-based Pakistani magnate,Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-25967869510155191362023-06-11T12:46:01.529-07:002023-06-11T12:46:01.529-07:00INSIDE THE UNDERBELLY OF KARACHI
https://www.dawn...INSIDE THE UNDERBELLY OF KARACHI<br /><br />https://www.dawn.com/news/1723403<br /><br /><br />Arif Hasan | Dhuha Alvi | Anum Mufti Published November 27, 2022<br /><br /><br />But Karachi’s informal housing market has found solutions for low-income housing which are nearer to the city and somewhat more affordable.<br /><br />GARBAGE FOUNDATIONS<br /><br />At many locations along the coast, land is being reclaimed for low-income housing. Early in the morning, government and other trucks carrying garbage, debris and other forms of solid waste move into the coastal mangrove marshes and mudflats, and start depositing their contents on them.<br /><br />Informally, hired government tractors level out the garbage and, in some cases, government-owned bulldozers compact it. The “developers” say that this work is a joint venture between them and government officials, without whose support their “project” would not be possible.<br /><br />Large areas of the city, such as Sultanabad, parts of Keamari, Shireen Jinnah Colony and coastal villages have been colonised in this manner. The land is sold even before it has been reclaimed. A piece of paper is given to the prospective owner with a telephone number of the developer, the size of the plot, and the payment that has been made for it.<br /><br />Once the plot is “ready”, the owner moves in and starts construction. He spends a lot of money on filling his plot with garbage, earth or debris, and compacting it to whatever extent he can, so that he can build a home. In most cases, because of insufficient compaction, the plot sinks and is filled with water during the rains. So, very often, it has to be refilled and re-compacted.<br /><br />This is one of the cheapest ways of acquiring a residential piece of land in Karachi. It is interesting to note that, despite the rains and the intrusion of the sea into the nullahs and creeks of the city, no action has been taken by the government to prevent the reclamation of land from the mangroves and mudflats.<br /><br />Instead, over 6,000 households have been made homeless due to the bulldozing of homes along the Gujjar, Orangi and Mahmoodabad nullahs, with the assumption that such bulldozing will prevent flooding of the city — something that the last rains proved was not a valid assumption.<br /><br />Apart from the serious physical damage this process does to the city, its environmental repercussions, as mentioned before, are even more serious. The shift from developing katchi abadis on lands belonging to goths on the city’s northern and western periphery to coastal areas has a number of reasons behind it.<br /><br />After the expansion of the city, the goth lands have become far away from places of work, recreation and social facilities. Access to them is time-consuming and transportation is expensive. In addition, the land along the coast is also not much more expensive but it involves considerable expense at raising its level through earth-filling and compaction. However, due to its proximity to the city and an immediate informal piece of paper establishing ownership, the “owner” is willing to bear the extra cost.<br /><br />The solid waste being used for the reclamation of land from the sea also has a story behind it.<br /><br />Its management has been handed over to a Chinese company, which is supposed to pick it up from all homes, parks and markets. As a result, the cost of managing solid waste has gone up considerably but still, the old manner of lifting and disposal has not radically changed. What happens is that the company sublets the collection and disposal of garbage to a subcontractor, often a political person of importance in the district, and signs an agreement with them. The company pays this person for this job on the basis of that agreement.<br /><br />In theory, the garbage is to be picked up and taken to a designated garbage transfer station (GTS), where the recyclable material is removed and sent to the recycling units in the city. The residue is sent to the landfill site or informally sold for reclaiming land and filling under-construction plots.<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-13527102539672932172023-06-11T12:44:48.812-07:002023-06-11T12:44:48.812-07:00INSIDE THE UNDERBELLY OF KARACHI
https://www.dawn...INSIDE THE UNDERBELLY OF KARACHI<br /><br />https://www.dawn.com/news/1723403<br /><br /><br />Arif Hasan | Dhuha Alvi | Anum Mufti Published November 27, 2022<br /><br /><br />It is necessary to understand the scale of these real estate projects. Bahria Town (186.15 square kilometres) is more than three times the size of Manhattan (59 square kilometres), and DHA City is 47 square kilometres. Other gated communities are also large in size when compared to similar real estate in other cities of the world. They vary between 60 acres (for ARY Laguna DHA City) and 3,000 acres (ASF City). Many others, such as Commander City, Gulmohar City, Seven Wonders City, Karim Palm City, are between 100 and 300 acres.<br /><br />In addition, there are over 550,000 housing units that are new or under construction in over 150 gated communities. Further, there are more than 120 buildings of between 20 and 50 floors being constructed in the city centre.<br /><br />Most of the larger housing estates are located on the M-9 Motorway to Hyderabad and on the link roads of the city. Most of the people currently living in villages along the Motorway have been evicted through police-backed coercion by the developers or their ‘barras’ [elders] have been bought out, to sell the land of their communities.<br /><br />The people still living in villages along the Motorway are of the opinion that they, too, will be forced out. They are of the opinion that, if they manage to stay, the K-4 scheme will provide water to these gated communities and not to them or the lower income settlements in the area.<br /><br />As far as the disposal of sewage is concerned, the area contains a large number of hill torrent tracks which will be used as disposal points, creating immense environmental degradation — not only for the city of Karachi, but also for its larger ecological region. Judging from the past, these fears are justified.<br /><br />With ingenuity, investment and will (all three missing in the real estate sector in Karachi), the water and sanitation problem can be overcome locally. However, an increase of vehicular traffic from these settlements to work areas or for other social and economic purposes will result in further congestion of already congested entrance and exit points to the city and will cause serious air pollution in an age of climate change.<br /><br />An estimated 100,000 vehicles will enter and exit these housing estates per day, provided they get fully occupied — which seems unlikely for at least 15 years.<br /><br />WHO WILL LIVE WHERE?<br /><br />The other question is about who is going to live in these homes? Estate agents believe that, eventually, most of the residents will come from the middle class areas of Karachi, which were previously double-storeyed and can now have high density multi-storey construction on them. A trend that has been observed is that such properties are now being sold at a very high price and their returns are being invested in the purchase of a number of housing units (one for each child) in the new housing estates.<br /><br />In addition, it is also being said that a large number of purchases are being made by residents of other Sindh towns and also from the province’s rural areas. However, many of the existing schemes are undeveloped or empty and their land and housing units — approximately 400,000 of them — are being held for speculation. It is surprising that, in spite of the availability of land, one finds almost no tree plantation in the completed or under-construction schemes.<br /><br />Previously, land on the city periphery has been utilised for the development of katchi abadis. However, today, it is increasingly being used for the development of elite and middle class housing, and its price is beyond the affordability of low-income communities. Also, it is too far from work areas, increasing travel time and making the cost of commuting unaffordable.<br /><br />But Karachi’s informal housing market has found solutions for low-income housing which are nearer to the city and somewhat more affordable.<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-68126896220250593582023-01-02T10:50:05.030-08:002023-01-02T10:50:05.030-08:00THE VIEWS TOWER 2 BY EMAAR
DHA Phase 8, Defence, K...THE VIEWS TOWER 2 BY EMAAR<br />DHA Phase 8, Defence, Karachi<br /><br /><br />https://hspropertypk.com/property/the-views-tower-ii-by-emaar/<br /><br />Description<br />The Views Tower 2 is in Emaar Ocean Front with state-of-the-art 2 and 3 bedroom apartments embodying the finest coastal luxury. Residents of The Views Tower 2 will have the unique blend of modern facilities and a serene waterfront lifestyle on their doorstep. With views of the Arabian Sea, the Views Tower II lifestyle promises to be truly one of a kind.<br /><br />Offering:<br />– 2 Bed Cityscape View Apartments<br />– 3 Bed Oceanfront View Apartments<br />– 4 years Easy Payment Plan<br />– LIMITED INVENTORY<br /><br />Highlights Of The Project:<br /><br />Luxury Iconic Lifestyle<br />Uninterrupted Views of The Arabian Sea<br />Footsteps Away From The Beach<br />Safe & Secure Gated Community<br />Waterfront Promenade<br />Outstanding Dining & Retail Destinations<br />24/7 Security and CCTV Surveillance<br />Card-controlled Access for Vehicles and Pedestrians<br />A Safe Investment for Your Family and Your Future<br />Central Park<br />Perfect Location:<br /><br />5 minutes drive to DHA Golf Club<br />5 minutes drive to Dolmen Mall<br />5 minutes drive to Outstanding<br />5 minutes drive to South City Hospital<br />Prices Starting From:<br /><br />1 Bed Apartments PKR69.2M<br />2 Bed Apartments PKR 81.5M<br />3 Bed Apartments PKR 158.8M<br />4 Bed Apartments PKR 212.4M<br /><br />Fall in love with the breathtaking sunsets over the Arabian Sea from the luxury of your living room. Each property has its own unique design aesthetic.<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-83085371656305290872023-01-02T10:49:37.297-08:002023-01-02T10:49:37.297-08:00Bahria Town Karachi 2 | All You Need To Know
http...Bahria Town Karachi 2 | All You Need To Know<br /><br />https://pakistanpropertyservices.com.pk/bahria-town-karachi-2-all-you-need-to-know/<br /><br />Booking of Bahria Town Karachi 2 will start on 5th January 2023. Investors should be ready to invest in Bahria Town Karachi 2 to invest in the property of their choice. It is a golden opportunity for investors who want to invest in Bahria Town Karachi but cannot do so for any reason. They are again getting a chance to invest with the developers of their choice.<br /><br />Bahria Town Karachi 2<br />Bahria Management is well-known for the amenities and facilities it provides. Bahria Management will follow the same international standards in Bahria Town Karachi 2. One of its main facilities is its location in the prime spot, which is very easy to access from different sides.<br /><br />Bahria Town Karachi 2 Location:<br />Bahria Town Karachi 2 or BTK2 is located ideally 30 km from Bahria Town Karachi near Nooriayabad on M9 Motorway. This location is easy to access from different landmarks of the area, like the new Karachi Airport and DHA Phase1.<br /><br />Bahria Town Karachi 2 and Bahria Town Karachi will be developed as Twin cities. Bahria Town Karachi will join Bahria Town Karachi 2 through the back gate.<br /><br />Nearby areas:<br />M-10 Motorway is almost 30 minutes away<br />Jinnah International Airport is nearly 30 minutes away<br />The super-Highway toll plaza is nearly 34 minutes away<br />Malir Cantonment is nearly 50 minutes away<br />Gulzar E Hijri Scheme 33 is almost 55 minutes away<br />Dream World Family Resort is nearly 20 minutes away<br />Karachi Northern Bypass is nearly 39 minutes away<br />Al Ghafoor Green City is roughly 45 minutes away<br />North Town Residency Gadap Town is nearly 50 minutes away<br />Memon Medical Institute Hospital is almost 45 minutes away<br />Shah Faisal Town is almost 40 minutes away<br />Fiesta Family Water Park is nearly 30 minutes away<br />Development status:<br />The development of Bahria Town Karachi 2 is 40% completed. The gatehouse’s grey structure and roads with green belts on the 40% area are 100% finished now.<br /><br />BTK2 Rates | Bahria Town Karachi 2 Rates | Payment Plan, Location and Map<br />These roads feature street lights too. The management has promised to complete the rest of the development within no time. The development time for Bahria Town Karachi 2 will be less than Bahria Town Karachi.<br /><br />Daily Updated Bahria Town Lahore Rates – Updated Prices of Bahria Town Lahore<br />Sector A Bahria Town Karachi 2 will be the priority for the developers to develop.<br /><br />Successful developers:<br />Bahria Management has always offered projects offering luxurious and contemporary facilities for their investors and huge profits. They are well-reputed among investors, who want to invest with them to increase their profits. Bahria’s management has a great demand in their market. Each of the previous projects has been completely sold out.<br /><br />Daily Updated Bahria Orchard Lahore Rates – Updated Prices of Bahria Orchard Lahore<br />Investing with Bahria’s management is the priority of the investors.<br /><br />Approval:<br />Bahria Town Karachi 2 is already approved by SDA and SBCA. All the documentation is 100% complete for the process of leasing Bahria Town Karachi 2. Investors can rent their property after completing their payment too.<br /><br />Limited plots available:<br />Bahria Town Karachi 2 is offering limited plots for investment. The investors will have to hurry to book their properties as the demand will be higher and the supply of the properties will be low. Invest in Bahria Town Karachi 2 as soon as the booking opens.<br /><br />Updated Bahria Nasheman Lahore Rates – Updated Prices of Bahria Nasheman Lahore<br />Considering these project factors, it can be the investment that delivers unmatched dividends and is a golden opportunity.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-13817585473778511392022-10-29T10:52:57.677-07:002022-10-29T10:52:57.677-07:00While rain wreaked havoc in most parts of Karachi,...While rain wreaked havoc in most parts of Karachi, Bahria Town Karachi (BTK) appeared to have remained unaffected.<br /><br /><br />https://tribune.com.pk/story/2255574/bahria-town-unaffected-by-monsoon-downpour<br /><br /><br />According to a statement, there were no water puddles in the gated community's streets nor overflowing gutters causing inconvenience for its residents during the heavy downpour. The streets remained dry as the rainwater quickly drained away.<br /><br />Besides, the locality was not subjected to prolonged power cuts following the rainfall, which otherwise has been a norm in Karachi. As a result, residents were able to continue their daily activities despite the heavy rain.<br /><br />The statement added that BTK has a separate sewerage treatment plant that runs around the clock and is being used to recycle water so that it may be used for construction and horticulture needs, as well as conserving water.<br /><br />Furthermore, it has constructed 12 dams to collect rainwater, with the capacity to hold 167.6 million gallons of water, showcasing its efforts to utilise and conserve national resources.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-67631567360270776402022-02-23T11:12:26.604-08:002022-02-23T11:12:26.604-08:00New Faldo #golf course in #Pakistan set for offici...New Faldo #golf course in #Pakistan set for official opening in #Multan. The layout, which is over 7,500 yards from the back tees, has 3 distinct sections, characterised by desert, trees & a water storage lake in the middle. #Sports #Recreation #Punjab<br /><br />https://www.golfcoursearchitecture.net/content/new-faldo-course-in-pakistan-set-for-official-opening<br /><br />Rumanza Golf Club in Multan, Pakistan, will officially open its new Faldo Design course this week.<br /><br />The club, part of a new 9,000-acre community developed by the Defence Housing Authority of Multan, will also have a six-hole par-three layout and a practice range.<br /><br />“The course should challenge the top players from the back tees but be eminently playable for all other standards of golfer from the other tees,” said Andy Haggar, lead architect at Faldo Design. “The forward tees will make the course short enough for beginners and juniors. Fairways are quite generous to help golfers keep the ball in play, whilst at the same time, the shaping of the fairways and placement of the hazards challenge the better players to put the ball in the right place.<br /><br />“The greens are designed within the entire strategy of the hole they belong to. Often the strategy of the hole is created with the green’s design as the starting point. Here, each green features a range of pin placements that will be either hard, medium or easy. There is noticeable movement in the greens, but the surface areas are large enough to accommodate that movement. As with the fairways, it is about being in the right place on the green to give yourself the best chance of a good score.”<br /><br />The layout, which is over 7,500 yards from the back tees, has three distinct sections, characterised by desert, trees and water. The latter revolves around a water storage lake at the centre of the course.<br /><br />Faldo Design has worked with GEO Foundation to make the development sustainable. The design team has for example, retained existing fruit trees and deras (mud brick dwellings) to ensure the course has a strong local identity.<br /><br />Read more: “The closing three holes will be spectacular,” Haggar told GCA during construction in 2020.<br /><br />“On the playing side, we wanted to create an interesting, strategic and memorable golfing experience,” said Haggar. “Once we had scraped off the top surface of material on this very flat site, we found pure sand. That moved us towards creating something of an inland links-style golf course. Alongside some links-like shaping, revetted bunkers seemed the obvious choice.<br /><br />“The bunkers are revetted in traditional style using EcoBunker, with turf rolled down over the edge. We also used EcoBunker to create a revetted edge to certain sections of the waste areas adjacent to the fairways, which provides another nice feature of the course, and which complements the bunkering.”<br /><br />Sir Nick Faldo will, along with tour pros Rafa Cabrero-Bello, Charley Hull, Graeme McDowell and Mel Reid, attend the official opening event on 25 February.<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-21975734807096330482019-07-28T19:05:36.173-07:002019-07-28T19:05:36.173-07:00China’s CPEC Is Leading To Hot Real Estate In Paki...China’s CPEC Is Leading To Hot Real Estate In Pakistan’s Special Economic Zones<br /><br />https://www.valuewalk.com/2019/07/pakistan-special-economic-zones/<br /><br />According to Beijing, the provision of such extraordinary facilities aim to provide these countries; including Kazakhstan, Ethiopia, Armenia, Siri Lanka, Jamaica, Nigeria, Sudan, Malaysia, and Pakistan (which occupies the center stage for CPEC’s execution), with a coherent and productive real estate, energy, agricultural, and business infrastructure.<br /><br />With massive infrastructural developments underway, the economic corridor project has already supplemented real estate demand in Pakistan. And investors in the country foresee a continual expansion of road and rail network, development of special economic zones, as well as power projects under the CPEC umbrella.<br /><br />Similarly, real estate agents have become more optimistic about the speculative value of land in Gwadar and other parts of the country. Moreover, numerous local property portals have recorded an increase in property demand across the country in recent years – a trend which serves to highlight the positive impact of the CPEC initiative on Pakistan’s property market.<br /><br />Facilitating the creation of an efficient infrastructure<br /><br />Both the countries have pledged to pursue multiple energy and infrastructure projects on a joint venture basis. To help solve the energy crisis in Pakistan, China is working on 21 power plants and hydropower projects, some of which include:<br /><br />1,320MW fuel power plant in Rahim Yar Khan, Punjab<br />1,320MW coal-fired power plant in Hub, Balochistan<br />2x660MW coal-fired power plant in Sahiwal, Punjab<br />2x660MW coal-fired power plant at Port Qasim in Karachi, Sindh<br />Kohala Hydel Project in Kohala, Azad Jammu & Kashmir<br />Suki Kinari Hydropower Station in Naran, Khyber Pakhtunkhwa<br />Moreover, China is becoming increasingly involved in the construction of a state-of-the-art network of roads in Pakistan to facilitate the good transport activities. Many of these projects were recently completed and inaugurated, including:<br /><br />Karakoram Highway Phase II<br />Peshawar-Karachi Motorway<br />Expansion and restoration of Pakistan Railways’ Mainline-1<br />Upgradation of Dera Ismail Khan–Zhob Road<br />Quetta Mass Transit<br />Greater Peshawar Region Mass Transit<br />Karachi Circular Railway<br />Orange Line Metro Train - Lahore<br />Similarly, the projects planned exclusively for Gwadar include:<br /><br />New Gwadar International Airport<br />Free Zones<br />Gwadar East-Bay Expressway<br />Gwadar University<br />Pak-China Friendship Hospital<br />Technical and vocational institutes<br />While the plans on development of special economic zones in the country are also extensive:<br /><br />Special Economic Zone in Mirpur, Azad Jammu & Kashmir<br />Marble City in Mohmand, Khyber Pakhtunkhwa<br />Special Economic Zone in Moqpondass, Gilgit-Baltistan<br />ICT Model Industrial Zone, Islamabad<br />Allama Iqbal Industrial City in Faisalabad, Punjab<br />China Special Economic Zone in Dhabeji, Sindh<br />Rashakai Economic Zone in Nowshera, Khyber Pakhtunkhwa<br />By providing an efficient infrastructure, China aims to create an enabling environment for global trade connectivity. But, these ambitious plans have also invited scepticism from several countries, with the US particularly critical of Beijing’s ‘debt diplomacy’.<br /><br />As per a BBC report, China has repeatedly tried to address the concerns and criticism surrounding its OBOR project; saying that the sweeping infrastructure initiative doesn’t contain an agenda for geostrategic supremacy; rather it focuses on efforts to develop a global community with a shared future for mankind.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-33160608253937153062019-07-18T11:27:11.682-07:002019-07-18T11:27:11.682-07:00Pakistan, China sign deal for two mega residential...Pakistan, China sign deal for two mega residential projects in Gwadar<br /><br />https://www.geo.tv/latest/217833-pakistan-china-sign-deal-for-two-mega-residential-projects-in-gwadar<br /><br />ISLAMABAD: The China Pakistan Investment Corporation (CPIC) has signed a construction agreement with China’s state-owned mega construction conglomerate, BIDR to materialise Gwadar’s two mega residential and commercial projects.<br /><br />The agreement was signed by CPIC Global Founding Board member Syed Zeeshaan Shah and BIDR Deputy Director and Chief Design Engineer Liu Bochun at a ceremony in Islamabad.<br /><br />The agreement covers CPIC’s mega projects in Gwadar spread across 10 million square feet of prime residential and commercial real estate outfits, the International Port City and China Pak Golf Estates – the two approved projects by Gwadar Development Authority (GDA).<br /><br />CPIC Global is the world’s first China Pakistan Economic Corridor (CPEC) -centric real estate developer with current under-development projects worth in excess of $500 million.<br /><br />Speaking on the occasion, Shah said: “This is a momentous occasion for us. We are setting a new standard for community development in Pakistan and working with a global leader like BIDR will enable us to deliver our projects on time and on budget.”<br /><br />On the current on-ground situation in Gwadar, Shah said the progress over the last 12 months in Gwadar has been phenomenal.<br /><br />“The port and economic free zone are both fully operational now and 30 companies from Pakistan and China have committed to investing almost $500 million to develop their industries there. The dream of a Gwadar becoming a key economic hub of Asia is not far away now,” he added.<br /><br />On the subject of Prime Minister Imran Khan’s recent visit to China, Shah said that the Chinese have invested in Pakistan at a time when others snubbed it. “China and Pakistan are all-weather friends and China reiterated this by committing to help Pakistan with the balance of payment situation.”<br /><br />He added, “The trip was particularly encouraging for Gwadar with both sides reiterating the significance of Gwadar as the central pillar of CPEC and agreeing to further expedite development of the port and its auxiliary projects.”Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-26697084334596856122019-07-10T08:47:23.832-07:002019-07-10T08:47:23.832-07:00'Inspired by #NewYork's Central Park':...'Inspired by #NewYork's Central Park': the new city for a million outside #Pakistan's biggest city #Karachi is a huge gated community with its roads fringed with neatly trimmed hedges, palm trees and lush green grass, it is called #BahriaTown https://www.theguardian.com/cities/2019/jul/08/inspired-by-central-park-the-new-city-for-a-million-outside-karachi?CMP=share_btn_tw<br /><br /><br />The economic heart of Pakistan is an overcrowded and often violent megacity with an official population of 15 million (closer to 20 million if the urban sprawl beyond the city perimeter is included). Infrastructure has not kept pace with its rapid expansion, and basic amenities such as water have become a commodity for criminal gangs. The city is also an organisational centre for the Pakistani Taliban, who attacked the airport in 2014.<br /><br />Bahria Town expands over Karachi’s eastern periphery, and offers residents a way to buy their way out of proximity to criminal gangs and terrorists, hectic traffic and power cuts. The wildly ambitious housing development is the brainchild of the property mogul Malik Riaz, one of the 10 wealthiest people in Pakistan and a close associate of the country’s former president Asif Ali Zardari.<br /><br />The new city promises to “turn the vision of modern Pakistan into a reality”, with private and secure supplies of water, gas and electricity, as well as privately maintained roads. The developer, also called Bahria Town, says it is Asia’s largest private real estate company, employing 25,000 people. It has already built smaller planned communities outside Lahore and Islamabad, but the 45,000-acre Karachi project is on a different scale.<br /><br />Once complete it will accommodate 1 million people, and is already home to a zoo, an 18-hole golf course and a theme park featuring fairground rides. The site is dotted with scaled-down imitations of world attractions such as the Parthenon and the Eiffel Tower. Smooth tarmac streets lined with palm trees and uniform villas eventually peter out into rocky construction sites, and unfinished properties dot the sides of the road. Construction has begun on a mosque complex that will be the third largest in the world.<br /><br />Bahria Town’s website offers Karachiites who can afford it the chance to live “amidst soft grass and pure class”, advertising its luxury villas as “Pakistan’s first lifestyle community developed around a huge green area inspired by Central Park, New York, with a replica of Taj Mahal”. The residences on offer range from apartments to standalone villas to luxury farmhouses, at a range of prices targeted not just at Pakistan’s elite but at the middle classes too.<br /><br />It makes sense to buy here because it looks like the future<br />Asif Munir, prospective buyer<br />Although the vast development is only part-built, more than half of the plots are reportedly sold. Some sections are already inhabited, and facilities including a large modern hospital, the theme park and Pizza Hut and Burger King restaurants are already open.<br /><br />For many Pakistanis, the modern convenience offered by Bahria Town is an attractive proposition. “Since before my son was born, I have been saving to one day buy him a residence for his own family – and now it makes sense to buy here because it looks like the future,” says Asif Munir, a small-business owner from Karachi who is considering purchasing a plot. “The cost of the apartment includes not just reliable water and light but safety because it is far away from criminal gangs.”<br /><br />But the development has been mired in controversy since its inception in 2014, most notably over allegations of illegal land appropriation. In May last year the supreme court ruled that much of the land had been illegally procured. In December, it ordered a halt on all construction. As the case works its way through court alongside a simultaneous case in the National Accountability Bureau anti-corruption court, villagers who have lived in this area for centuries are feeling the impact.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-85325075581615487792019-06-21T08:28:08.541-07:002019-06-21T08:28:08.541-07:00#NayaPakistan #Housing to build five million new h...#NayaPakistan #Housing to build five million new houses kick-started in #Quetta, #Islamabad, and #Faisalabad. The project is underway at seven locations in #Pakistan, says #ImranKhanPrimeMinister's adviser Anil Mussrrat. shortly. Private investors to join. https://www.thenews.com.pk/latest/487621-pms-housing-project-underway-in-different-cities-pms-adviser-aneel-musarrat<br /><br />Pakistan suffered at the hands of corruption and irregularities over the span of last ten years and it will require time to set it right, said Chaudhry Aneel Musarrat, Prime Minister Imran Khan's adviser and friend.<br /><br /><br />“The last ten years witnessed high incidence of mismanagement, poor decisions and wastage of national money,” he told Geo News. “It will require time to repair such a massive backlog. Had the PTI-led government not aggressively controlled over such malpractices, the situation would have gone far worse.”<br /><br />The PM’s adviser also informed that Prime Minister Imran’s Naya Pakistan Housing scheme for five million houses has already been kick-started in different cities of Pakistan, including Quetta, Islamabad, and Faisalabad. The project is underway on seven locations in Pakistan, he pointed out, adding private developers also are going to contribute shortly.<br /><br />He said the government’s foremost responsibility is to follow through the process of eliminating corruption and keeping up the accountability. “Khan Sahib said he will abolish corruption from Pakistan. Now, the corrupt people are being subjected to accountability,” he said.<br /><br />The pilferage and robbery of the national coffers will come to an end, he added. <br /><br />Musarrat also lauded the services rendered by the Pakistan’s armed forces. Services of the armed forces are highly commendable, as they have laid down their lives to fortify the country’s defence, he remarked.<br /><br />The Pakistan Army is one of the best institutions in the world and we should thank God that they have curbed extremism and terrorism in the country, he pointed out.<br /><br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-77722953529023646572019-05-28T10:40:17.438-07:002019-05-28T10:40:17.438-07:00#Property boom in #Karachi, #Pakistan. You can buy...#Property boom in #Karachi, #Pakistan. You can buy what is advertised as a “super hot” 300-square yard plot for 200 million rupees (more than $1.3 million) in #DHA Ph 8 Extension. Property scams start from the top here, and cut across political divides. https://www.nytimes.com/2019/05/28/opinion/pakistan-property-land-boom.html<br /><br />Pakistan is in the middle of an unusual property boom. Developers grab large tracts of land, stealing them outright or occupying them, advertise mega development projects and then buy off regulators with the money they raise selling some of the land they dubiously claim. Poor people who have lived in their homes for generations are served eviction notices and visited by bulldozers in the dead of night.<br /><br />On one side of my house in Karachi is a market. It’s a typical Pakistani market, with car mechanics, barbers, milk and bread sellers, drapers. During the last few years, many of the shops have turned into real estate agencies. One day I counted 153 before giving up. Agents who can’t afford to own proper offices sit on the sidewalks and deal there.<br /><br />On the other side of my house, some 600 yards away, is the Arabian Sea. In the last couple of years, part of the sea has been reclaimed for a military-run housing scheme. Where once there were murky waves, you can now buy what is advertised as a “super hot” 300-square yard plot for 200 million rupees (more than $1.3 million) That’s in the extension of the Defense Housing Authority’s Phase 8 development project — which is being extended even though it is mostly unpopulated.<br /><br />At the top of Pakistan’s property ladder sits the army, which has developed vast housing estates in all major cities. Although these were meant to be for retired officers and their relatives (and never for just soldiers), the plots are often sold to the highest bidders. It’s a lucrative business: People know that governments come and go, but the army is here to stay, and its housing societies, too.<br /><br />When Gen. Raheel Sharif, Pakistan’s last army chief, retired, he was awarded 88 acres of land — the nation’s gift for his services, I guess. The land was meant for farming. But Mr. Sharif serves in Saudi Arabia as the head of some vague force that will supposedly rid us of terrorism. He doesn’t have time for farming.<br /><br />Land grabbing in Pakistan probably started with the birth of the country. People made fortunes either by occupying or claiming properties left behind by people who fled during Partition in 1947. You can still find entire estates and villages named after bureaucrats, who had basically allotted them to themselves. Much of this land was acquired on the pretense of agricultural development; it has become gated communities and golf courses.<br /><br />Before he was elected prime minister, Mr. Khan promised to build five million low-cost houses if he came to power. An initial groundbreaking ceremony was held only this month.<br /><br />Mr. Khan owns nearly 40 acres on the top of a hill in Islamabad, which he says he bought after selling property in London — which he’d bought with money he made as a star cricket player. Any number of laws were broken so that he could build a mansion there. A special federal commission was set up (after Mr. Khan took office) just for the purpose of regularizing that arrangement.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-42078876936970012582019-03-21T14:39:23.450-07:002019-03-21T14:39:23.450-07:00#Pakistan Supreme Court accepts #BahriaTown #Karac...#Pakistan Supreme Court accepts #BahriaTown #Karachi’s Rs. 460 billion offer. This amount will be paid over 7 years starting with Rs. 25 billion down-payment by August 27. Supreme Court will decide how the money will be spent. #housing https://youtu.be/ajLOfc_AAYU via @YouTube<br /><br />The Supreme Court of Pakistan on Thursday accepted Bahria Twon’s offer to submit Rs460 billion in settlements for its Karachi project.<br /><br />The development came as a three-judge bench of the apex court headed by Justice Sheikh Azmat Saeed Sheikh haired the case pertaining to real estate company.<br /><br /><br />Bahria Town will have to pay the amount during next seven years after payment of Rs25 billion down-payment till August 27.<br /><br />It will submit Rs2.5 billion monthly during the first four years and the outstanding amount will be paid in the next three years.<br /><br />According to the Supreme Court, Bahria Twon will start paying the installments from September this year. <br /><br /> It will have to pay 4 percent mark up in case of delay in payment of installments which would be submitted with the apex court.<br /><br /> The court will then transfer the money whoever Bahria Twon owes it to.<br /><br />The Supreme Court said that Bahria Twon director will have to submit an affidavit to the court regarding the payment.<br /><br />The Supreme Court also stopped the National Accountability Bureau from filing further references against Bahria Town and directed the ant-graft body to approach the court before filing any references in the future.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-86600626940717876742019-01-19T09:46:54.528-08:002019-01-19T09:46:54.528-08:00#Egyptian billionaire Naguib Sawiris offers to bui...#Egyptian billionaire Naguib Sawiris offers to build 100,000 housing units in #Pakistan as part of #PMImranKhan’s Naya Pakistan #housing initiative. http://www.arabnews.pk/node/1437706/pakistan<br /><br /><br />Egyptian billionaire Naguib Sawiris has offered to build 100,000 housing units in Pakistan to help realize Prime Minister Imran Khan’s dream of an ‘ambitious’ housing project, officials said on Friday.<br />“Naguib Sawiris has expressed his will to invest in 100,000 units of affordable housing to help prime minister (Imran Khan) in his vision toward Pakistan,” Tarek Hamdy, Chief Executive officer of Elite Estates — a partnership between Ora Developer and Saif Holding — told Arab News in an exclusive interview. <br />Owned by Sawiris, Ora Developers is already engaged in the construction of a multibillion-dollar housing scheme named ‘Eighteen’ which was launched in 2017 in Islamabad with local partners, Saif Group and Kohistan Builders.<br />Sawiris’ first investment in Pakistan was in Mobilink, a cellular operator.<br />PM Khan in October 2018 had launched ‘Naya’ (New) Pakistan Housing Project in line with his party’s election manifesto, which promised fivr million houses for the poor.<br />Hamdy says they have “set rules or guidelines of the way of doing things” that apply to every real estate projects — whether they are affordable or high value units.<br />“We will use our experience and knowhow to deliver this properly to the people of Pakistan,” he added.<br />Since the announcement of the low-cost housing project for the poor, the scheme has been at the heart of all political and economic discourses with several calling it too ambitious.<br />“This scheme is very ambitious yet very promising for the people of Pakistan. I think all the developers should help in this scheme. You cannot solely rely on the government to build five million houses,” Hamdy said. <br />Recently, the governor of Pakistan’s central bank had said that the massive housing project would require financing of upto Rs 17 trillion.<br />Hamdy believes that the promise of building five million affordable housing units cannot be realized in a short span of time. “I think the plan is right but it has to be in stages, has to be in steps. It could be achievable obviously that is not the project (to be achieved) in one or two years... may take few good years, may be couple of decades to be achieved,” he said.<br />In the Islamabad project the Ora Developers own a 60 percent stake in the project comprising a five-star hotel, 1,068 housing units, 921 residential apartments, business parks, hospitals, schools and other educational facilities and 13 office buildings, and a golf course. The networth of the project is $2 billion.<br />The next cities on the radar for real estate projects are Lahore, Karachi, and Faisalabad. “We intend to do more, we intend to invest more. I think that our portfolio of real estate could come to $10 billion worth of investments in the next five to 10 years including all the projects that we intent to do,” Hamdy said.<br />Pakistan’s housing sector is marred by frauds, scams and unfinished schemes which has been discouraging many potential investors from venturing into the sector. However, Hamdy says he is confident of delivering the promise by 2021.<br />Analysts say that Pakistan’s housing sector offers great opportunities for investment due to increasing demand. “According to estimates, the current real estate market value is around Rs900 billion which is three times that of the GDP,” Saad Hashmey, an analyst at Topline Securities, told Arab News, adding that the PM’s housing project is the need of the hour.<br />Pakistan faces a shortage of nearly 12 million housing units that may require a massive investment of around $180 billion, according to the former Chairman of the Association of Builders and Developers, Arif Yousuf Jeewa.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-45980110680630480982018-08-05T20:45:51.312-07:002018-08-05T20:45:51.312-07:00$5 Billion Investment to Boost Pakistan Real Estat...$5 Billion Investment to Boost Pakistan Real Estate, as Major Developers Participate at the Dream Home Expo<br /><br />https://www.albawaba.com/business/pr/5-billion-investment-boost-pakistan-real-estate-major-developers-participate-dream-home-<br /><br />UAE-based BMS International Commercial Investment LLC, one of the Royal Group Companies of Sheikh Saeed Bin Khalifa Al Nahyan, has shown interest in investing $3 billion in different economic sectors of Pakistan, with a focus on real estate.<br /><br /><br />Louai Mohammed Ali, chairman of BMS International Commercial Investment, made the commitment to invest in Pakistan’s real estate development, agriculture and fisheries, energy, hospitality and leisure, healthcare and education sectors.<br /><br />In December 2017, Egyptian tycoon Naguib Sawiris of Ora Developers and Pakistan’s Saif Group announced investing over $2 billion in real estate ventures in Islamabad.<br /><br />Pakistan’s near-term outlook for economic growth is broadly favourable, the International Monetary Fund (IMF), said in a recent statement.<br /><br />“Real GDP is expected to grow by 5.6 percent in FY 2017/18, supported by improved power supply, investment related to the China-Pakistan Economic Corridor (CPEC), strong consumption growth, and ongoing recovery in agriculture. Inflation has remained contained,” the IMF said in a statement in March 2018.<br /><br />Total Foreign direct investment (FDI) into Pakistan surged 68.9 per cent to $4.45 billion in the nine months of FY2018, according to the central bank data.<br /><br />With a population of almost 208 million people, Pakistan is suffering a shortage of 12 million houses, said a latest report. Karachi, with its behemothian population of 16.6 million, has an annual shortage of 300,000 houses. <br /><br />Pakistan’s growing economy supported by its investment sector has remained instrumental to the country’s economic growth over the last five years. With a spend of about $5.2 billion on real estate construction backed up by price correction of up to 20 percent and major advancements in the overall industry dynamics, the property market has enabled strong returns among investors compared to other investment avenues.<br /><br />Likewise, recent studies have indicated a significant move in the local real estate market of Pakistan towards overseas investment, being identified as one of the largest investors in the International Property Market. Pakistan’s property buyers have increasingly secured homes and investment in Europe, GCC, Canada and UK.<br /><br />Global real estate transaction value reached $698 billion in 2017, 6 percent above the total transacted in 2016, according to Jones Lang LaSalle, a global real estate advisory. Pakistani investors represented a good chunk of this.<br /><br />Pakistani nationals have invested Dh24.98 billion in Dubai’s real estate through 19,955 transactions in the last four years (2014-2017), according to Dubai Land Department (DLD) making them the third largest non-Arab investor group by nationality.<br /><br />DOME Exhibitions in collaboration with Pakistan’s leading media house Jang Media Group is back this year to bring the International Real Estate Investment opportunities in the heart of Pakistan with its much-awaited participation at the Dream Home Expo, Pakistan’s leading property and investment exhibition.<br /><br />“Pakistanis and Non-Resident Pakistanis (NRP) alike have increasingly been investing within Pakistan and in international markets. Such investors have made their mark in countries across the world, acquiring not just investments but also citizenship opportunities through various investment programs,” said Antoine Georges, Managing Director of DOME Exhibitions, International Pavilion organizer of the exhibition.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-81067584891065081972018-07-03T10:36:33.578-07:002018-07-03T10:36:33.578-07:00Housing Finance in Pakistan to Become Accessible a...Housing Finance in Pakistan to Become Accessible and Affordable<br /><br />http://www.worldbank.org/en/news/press-release/2018/03/29/housing-finance-in-pakistan-to-become-accessible-and-affordable<br /><br />The World Bank today approved $145 million to expand home owner-ship including women and the poor through access to affordable housing finance in Pakistan.<br /><br />The Pakistan Housing Finance Project (PHFP) will support Government of Pakistan’s vision and strategy for housing development. The project will extend financial and technical assistance to Pakistan Mortgage Refinancing Company (PMRC), the Planning Commission (PC), and other institutions to increase availability of mortgage financing for households. Nearly a third of country’s population does not own homes and this pressure is rising with growing demand.<br /><br />“This project will spur the development of housing mortgage market in the country and make housing fi-nance affordable and reachable to many Pakistanis,” said Illango Patchamuthu, World Bank Country Di-rector for Pakistan. “The beneficiaries will include women and low-income groups through improved incen-tives for ecofriendly homes.”<br /><br />The project adopts an innovative approach including crowding in commercial financing for home ownership and providing greater incentives for women to become home owners. It also incentivizes people to build energy efficient and green homes and adopt climate and disaster-resilient construction designs and materi-als.<br /><br />“Pakistan’s mortgage finance to Gross Domestic Product ratio of 0.25 percent is extremely low compared to the South Asia average of 3.4 percent,” said Korotoumou Ouattara, World Bank Senior Financial Sector Economist. “There is a significant market gap across all segments of the population. The creation of PMRC marks an important step in achieving the Government of Pakistan’s objective to improve access to housing finance in the country. The project will address the liquidity constraints of lenders, support capital market development, and create an enabling environment for a sound national housing policy.”<br /><br />PHFP is financed by the International Development Association, the World Bank’s fund for the poor, with a maturity of 25 years, including a grace period of 5 years.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-66726328313843441592018-05-14T17:11:21.571-07:002018-05-14T17:11:21.571-07:00$5 Billion Investment to Boost Pakistan Real Estat...$5 Billion Investment to Boost Pakistan Real Estate, as Major Developers Participate at the Dream Home Expo<br /><br />https://www.albawaba.com/business/pr/5-billion-investment-boost-pakistan-real-estate-major-developers-participate-dream-home-<br /><br />UAE-based BMS International Commercial Investment LLC, one of the Royal Group Companies of Sheikh Saeed Bin Khalifa Al Nahyan, has shown interest in investing $3 billion in different economic sectors of Pakistan, with a focus on real estate.<br /><br />Louai Mohammed Ali, chairman of BMS International Commercial Investment, made the commitment to invest in Pakistan’s real estate development, agriculture and fisheries, energy, hospitality and leisure, healthcare and education sectors.<br /><br />In December 2017, Egyptian tycoon Naguib Sawiris of Ora Developers and Pakistan’s Saif Group announced investing over $2 billion in real estate ventures in Islamabad.<br /><br />Pakistan’s near-term outlook for economic growth is broadly favourable, the International Monetary Fund (IMF), said in a recent statement.<br /><br />“Real GDP is expected to grow by 5.6 percent in FY 2017/18, supported by improved power supply, investment related to the China-Pakistan Economic Corridor (CPEC), strong consumption growth, and ongoing recovery in agriculture. Inflation has remained contained,” the IMF said in a statement in March 2018.<br /><br />Total Foreign direct investment (FDI) into Pakistan surged 68.9 per cent to $4.45 billion in the nine months of FY2018, according to the central bank data.<br /><br />With a population of almost 208 million people, Pakistan is suffering a shortage of 12 million houses, said a latest report. Karachi, with its behemothian population of 16.6 million, has an annual shortage of 300,000 houses. <br /><br />Pakistan’s growing economy supported by its investment sector has remained instrumental to the country’s economic growth over the last five years. With a spend of about $5.2 billion on real estate construction backed up by price correction of up to 20 percent and major advancements in the overall industry dynamics, the property market has enabled strong returns among investors compared to other investment avenues.<br /><br />Likewise, recent studies have indicated a significant move in the local real estate market of Pakistan towards overseas investment, being identified as one of the largest investors in the International Property Market. Pakistan’s property buyers have increasingly secured homes and investment in Europe, GCC, Canada and UK.<br /><br />Global real estate transaction value reached $698 billion in 2017, 6 percent above the total transacted in 2016, according to Jones Lang LaSalle, a global real estate advisory. Pakistani investors represented a good chunk of this.<br /><br />Pakistani nationals have invested Dh24.98 billion in Dubai’s real estate through 19,955 transactions in the last four years (2014-2017), according to Dubai Land Department (DLD) making them the third largest non-Arab investor group by nationality.<br /><br />DOME Exhibitions in collaboration with Pakistan’s leading media house Jang Media Group is back this year to bring the International Real Estate Investment opportunities in the heart of Pakistan with its much-awaited participation at the Dream Home Expo, Pakistan’s leading property and investment exhibition.<br /><br />“Pakistanis and Non-Resident Pakistanis (NRP) alike have increasingly been investing within Pakistan and in international markets. Such investors have made their mark in countries across the world, acquiring not just investments but also citizenship opportunities through various investment programs,” said Antoine Georges, Managing Director of DOME Exhibitions, International Pavilion organizer of the exhibition.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-24523538614222260012018-05-12T07:05:35.639-07:002018-05-12T07:05:35.639-07:00Pakistan’s most influential man is above the law
I...Pakistan’s most influential man is above the law<br />Imad Zafar<br /><br />http://www.atimes.com/pakistans-most-influential-man-is-above-the-law/<br /><br />Riaz was a white-collar worker trying to make ends meet by doing different kinds of work. In 1979, he took a loan of few thousand rupees from a friend and secured a small contract in the military engineering complex. This was the beginning of the largest Pakistani real-estate empire<br /><br />At that time, Riaz was a lower-middle-class man who was not even able to get his daughter treated in hospital and had to sell his wife’s jewelry to pay her medical bills. He also went through the pain of watching his children endure hunger. So he learned the lesson that this society only honors and respects the rich.<br /><br />With the first small contract, he started building relationships in the civil and military construction sectors. Gradually, he started to build houses for the movers and shakers and finally came up with the idea of a housing society, one that can now easily be termed one of the most luxurious and largest housing schemes in Pakistan.<br /><br />With the help of his connections, Riaz used the name of the Pakistan Navy for his housing society. Although it filed a case against him for using its name, not a single judge was able to pass a verdict against Riaz or stop him from using it.<br /><br />Riaz, with the help of his strong connections in the civil and military establishments, gradually expanded his business. He grabbed land from people who were not ready to sell and also bought land all around Pakistan at low prices to expand his real-estate business across the country.<br /><br />He successfully removed all the legal hindrances in his way by buying the judges in the courts and officers in law-enforcement and making friends in the establishment. In an interview a few years ago with Geo News, Riaz said that every man can be bought and that he used his money and influence to get approval for his housing authority.<br /><br />Riaz established profitable relationships and provided perks and privileges to police officers, judges, politicians and a few high officials in the army,<br /><br />Riaz’s success in building a business empire by exploiting the loopholes in the legal and political system proves that the lectures against corruption and discussions on morals look so fascinating and ideal on the talk shows and in newspapers but have nothing to do with reality. This is a situation where you have to pay a bribe even to get your child’s birth certificate; where you have to use contacts and influence to get admitted to a government hospital for treatment; where even getting a child enrolled at a government school requires either bribery or a phone call from an influential person; and where even to get a place to bury a loved one requires a bribe or phone call from an influential person. It is almost impossible not to surrender to the system by accepting that might is right.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-63870228113701232712018-04-21T16:25:07.931-07:002018-04-21T16:25:07.931-07:00Chinese giant to build Gwadar’s first luxury Golf ...Chinese giant to build Gwadar’s first luxury Golf Community<br /><br />https://www.thenews.com.pk/latest/307352-chinese-giant-to-build-gwadars-first-luxury-golf-community<br /><br />State-owned Chinese construction company China Civil Engineering Construction Corporation (CCECC) has announced that it has entered into agreement for the construction of Gwadar's first luxury gated Golf Community with a Pakistani company.<br /><br />Empire Properties, the Pakistan registered company, and the CCECC have signed a memorandum of understanding as the prospective contractor for the construction of China Pak Golf Estates, Gwadar's first luxury Golf Community.<br /><br />The $265 million development is a milestone in the development of Gwadar and will deliver the emerging port city’s most premier residential and lifestyle destination, said a joint press release issued here.<br /><br />Commenting on the partnership Mr Wang Lei, Managing Director CCECC (Pakistan) said: "It is a great honour to be working alongside a forward thinking international conglomerate like CPIC. China Pak Golf Estates is a ground breaking development for not only Gwadar but Pakistan and we are honoured to be a part of this monumental project and contributing to the growth story of Emerging Pakistan. CCECC are a leading global contractor with 39 years of experience in over 40 countries delivering high quality projects ranging from civil engineering design and consultancy to real estate development. We aim to deliver a timeless community in China Pak Golf Estates that will set a new standard to master community development in Pakistan."<br /><br />Afzal Shah, CEO or Empire Properties said: "China Pak Golf Estates will truly set a new standard to real estate community development in Pakistan and there isn't a better company we could be working with to deliver this grand vision than CCECC. I would like to extend a warm welcome to Mr Wang Lei and his team as we embark on this virtuous journey together. Our vision extends beyond developing Pakistan's finest communities, we will change the fabric of Pakistan's real estate industry by setting a new benchmark for integrity and transparency in a market that at times can be described as less than open. Our goal is to elevate the market to the same standards as established international markets. This will result in the introduction of institutional investment which in turn will revolutionise the country’s real estate sector and deliver the quality of life Pakistanis deserve".Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-19282814403728568722018-03-07T16:53:37.713-08:002018-03-07T16:53:37.713-08:00House prices in #Pakistan have more than doubled s...House prices in #Pakistan have more than doubled since 2011. Developers flocking to build more #housing. #economy #realestate #CPEC (via @BIAUS)<br /><br />https://www.businessinsider.com.au/pakistan-house-price-boom-2011-2018-3<br /><br />Property developers are flocking to Pakistan to take advantage of a housing shortage.<br />Steady economic growth and a booming population have underpinned a recent surge in house prices.<br />Pakistan property is booming.<br /><br />Australia’s residential construction boom may have reached its peak, but it looks as if Pakistan is just getting started on something similar.<br /><br />As a case in point, a $US2 billion housing construction project gets underway next month on the outskirts of Islamabad, Pakistan’s ninth-largest city.<br /><br />According to a report by Bloomberg, the project will be run by the development company of Egyptian billionaire Naguib Sawiris, as developers look to cash in on a Pakistani housing boom.<br /><br />The end-product will see the construction of more than 1,000 new houses, with prices starting at 30.5 million rupees (around $US275,000) for a three-bedroom home.<br /><br />Pakistan’s economy has been on the rise in recent years, seeing annual GDP growth climb to 5% with a corresponding boom in real estate prices.<br /><br />The growth trends have been driven by a material reduction in militant violence, and the flow-on effects from $US50 billion worth of Chinese investment in large infrastructure projects.<br /><br />China has been actively strengthening ties with Pakistan, which it views as a key regional ally for its One Belt, One Road initiative.<br /><br />Earlier this year, China stepped in to defend Pakistan after the US said it would cut aid to the country. Pakistan also conducts trade deals with China denominated in Chinese yuan.<br /><br />Bloomberg cited the property website zameen.com, which said house prices in Pakistan have more than doubled since 2011 in the country of 200 million people.<br /><br />Developers are flocking to the region attracted by the high margins still on offer for major real estate projects, with most developments attracting a return of between 10-40%.<br /><br />And demand for housing is still strong, with steady stream of new projects in larger cities such as Karachi and Lahore.<br /><br />The country’s housing shortage is most likely part of a longer-term trend, with Pakistan’s urban population expected to grow by around 30 million people by 2027.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-31555284930458093732018-03-06T19:12:02.157-08:002018-03-06T19:12:02.157-08:00Egyptian Billionaire Eyes Further #Pakistan #RealE...Egyptian Billionaire Eyes Further #Pakistan #RealEstate Projects - Bloomberg #Islamabad #housing<br /><br /><br />https://www.bloomberg.com/news/articles/2018-03-06/egyptian-billionaire-eyes-further-pakistan-real-estate-projects<br /><br />Naquib Sawiris is developing a $2b estate in Islamabad<br />Pakistan faces a housing shortage as its population expands<br /><br />Egyptian billionaire Naguib Sawiris’s Ora Developers will next month start building a luxurious $2 billion housing estate on the outskirts of Islamabad and is eyeing further projects as it taps demand from overseas Pakistanis.<br /><br />The ‘Eighteen Islamabad’ development will feature more than 1,000 homes, a golf course and a mall on 2.25 million square meters of land. It will take six years to complete, said Tarek Hamdy, chief executive officer of the development. Sawiris holds 60 percent in a joint venture with local firms Kohistan Builders and Developers and Saif Group, owned by Pakistan’s prominent Saifullah family.<br /><br />Pakistan’s real estate sector has seen a boom in recent years as militant violence has receded. Economic growth in the nation of more than 200 million people has risen to around 5 percent as China finances more than $50 billion on infrastructure projects across the country. House prices have more than doubled since 2011, according to property website Zameen.com, and housing projects are mushrooming in cities such as Karachi, Lahore, Islamabad and Peshawar,<br /><br />“The market isn’t saturated,” Hamdy said in an interview at his office next to Islamabad’s Margalla hills, adding that Sawiris’s firm is eyeing potential other projects that may be announced by the end of this year.<br /><br />Prices for a three bedroom home on the estate start at 30.5 million rupees ($275,395) and about $400 million will be invested in the development in the first two years, Hamdy said.<br /><br />‘Highest Quality’<br />“You can develop a project at very reasonable margins” between 10 to 40 percent, he said. “The highest quality still makes money.”<br /><br />Sawiris is not new to Pakistan. He previously set up one of Pakistan’s first mobile phone companies, Mobilink, now the nation’s largest cellular firm by subscriber numbers.<br /><br />Apart from private businessmen such as Malik Riaz Hussain who is building Pakistan’s largest development outside Karachi, the military’s housing business has sped up efforts to grab market share. Hamdy sees overseas Pakistanis particularly in the U.S., U.K. and Middle East as major buyers and is considering launching another housing project by the end of 2018.<br /><br />A shortage of housing units will boost construction activity in Pakistan as the urban population grows by nearly 30 million by 2027, BMI Research said in a December report. Construction has been one of the largest recipients of foreign direct investment and in the first seven months of this fiscal year $380 million was invested in the sector, according to central bank data.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-67588929956719248222017-10-24T21:05:09.263-07:002017-10-24T21:05:09.263-07:00THE EXPRESS TRIBUNE > BUSINESS
Pakistan’s const...THE EXPRESS TRIBUNE > BUSINESS<br />Pakistan’s construction industry – the hot cake for foreign investors<br /><br />By Tehreem HusainPublished: October 23, 2017<br /><br />https://tribune.com.pk/story/1538687/2-infrastructure-building-pakistans-construction-industry-hot-cake-foreign-investors/<br /><br />The construction industry is playing an important role in economic growth of Pakistan. Recent (provisional) estimates published in the Economic Survey of Pakistan show that the industry grew 9.1% in FY17 and contributed 2.7% to the country’s gross domestic product (GDP).<br /><br />BMI Research has also provided a healthy growth outlook for the sector, putting it at 11.8% annually from 2016-20 and 9.1% over 2016-25.<br /><br />The signing of the China-Pakistan Economic Corridor (CPEC) agreement and improvement in the country’s security situation have been the key to giving boost to not only the construction industry, but Pakistan’s image abroad. With China having the first-mover advantage in injecting foreign investment into the country, other countries have followed suit.<br /><br />The sector has also been an important recipient of foreign direct investment (FDI). This can be judged from the latest figures provided by the State Bank of Pakistan, which show that the construction industry received a net inflow of $35.7 million in August 2017.<br /><br />How attractive the industry is perceived to be for foreign investors can be gauged from the fact that in the current fiscal year from July-August FY18 the industry has received $55.7 million relative to $1.6 million in the same period of last year.<br /><br />Locally, investment has also been boosted by government policies such as reduction in duties and taxes on building materials like steel, construction machinery and equipment and computerisation of land ownership records.<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-50541980967563716742017-10-22T17:14:57.383-07:002017-10-22T17:14:57.383-07:00Development firm announce plans for first master c...Development firm announce plans for first master community development for private market <br /><br />"We believe Gwadar is following in the footsteps of Shenzen which represented a historic population rise, from a population of 30,000 in 1980 to 11 million people in 2017. Gwadar is poised to see massive population growth due to incoming industries, and we expect this to be one of the most strategic cities in South Asia." <br /><br />http://www.prnewswire.co.uk/news-releases/china-pak-investments-acquires-project-in-gwadar-pakistan-648608313.html<br /><br />Leading private investment house China Pak Investment Corporation today announced its acquisition of the 3.6 million square foot International Port City project in the city of Gwadar. The investment company is currently revising the scheme's plans in line with international developments standards and will be developing the first of its kind $150 million gated master community tailor-made for the expected 500,000 incoming Chinese professionals expected in Gwadar by 2022.<br /><br />(Photo: http://mma.prnewswire.com/media/564249/China_Pak_Hills_Phase_1.jpg )<br />The project which is expected to be renamed China Pak Hills hails an exciting new phase in the development of the port of Gwadar, the 'Gateway City' to the $62 billion China Pakistan Economic Corridor (CPEC), the largest unilateral foreign direct investment from one nation into another. The CPEC is set to catapult Pakistan's stature as a key global trade and economic hub and includes a bouquet of projects currently under construction that will not only improve Pakistan's infrastructure, but will deepen the economic and political ties between China and Pakistan.<br /><br />Hao-Yeh Chang, Corporate Communications Director for China Pak Investments Corporation commented, "We believe Gwadar is following in the footsteps of Shenzen which represented a historic population rise, from a population of 30,000 in 1980 to 11 million people in 2017. Gwadar is poised to see massive population growth due to incoming industries, and we expect this to be one of the most strategic cities in South Asia." <br /><br />The final master plan for China Pak Hills is currently being refined in Hong Kong, and will feature a range of state-of-the-art amenities including an open-air shopping boulevard; indoor shopping mall; restaurants and eateries; an international school & nursery; six community parks; indoor and outdoor sports facilities including tennis courts and a resident's gymnasium; a water desalination plant and recycling centre. China Pak Hills will also be home to the Gwadar Financial District, catering to the growing financial sector and adding much needed A Grade office space to Gwadar's growing market.<br /><br />One Investments Ltd, a UK-based property investment company, headed by Zeeshan Shah, have been appointed as Global Master - Agent for the Development. "China Pak Hills is a unique and exciting opportunity. The level of investment and commitment made by the Chinese government in the CPEC guarantees that Gwadar is going to be one of the most important trading and access points in the World. Its geographic position, combined with the infrastructure being created through the CPEC means that it can only grow exponentially."<br /><br />The China Pak Hills master-community is being developed by China Pak Investments and is soon expected to announce options for private sale of limited plots to end purchasers.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-49074159192057485812017-10-18T07:20:17.956-07:002017-10-18T07:20:17.956-07:00SIKA EXPANDS IN PAKISTAN WITH NEW PRODUCTION FACIL...SIKA EXPANDS IN PAKISTAN WITH NEW PRODUCTION FACILITY<br /><br />https://globenewswire.com/news-release/2017/10/18/1149038/0/en/SIKA-EXPANDS-IN-PAKISTAN-WITH-NEW-PRODUCTION-FACILITY.html<br /><br />With the commissioning of a new factory for mortar products and concrete admixtures, Sika has expanded its manufacturing capacity in Pakistan and is responding to the country's construction boom. Demand in the infrastructure and residential construction segments in particular is enormous. With its rapidly growing population of over 200 million, Pakistan is one of the world's most populous countries.<br /><br />The new factory for concrete admixtures and mortars is located in Pakistan's second biggest city - Lahore, in the north of the country and one of the world's largest metropolitan regions. With the new investments and the simultaneous relocation of an existing mortar manufacturing facility from Lahore to Karachi in the south of the country, Sika is creating the basis for future growth in a booming market. It is estimated that the construction industry in Pakistan will grow on average by 12% a year between now and 2020.<br /><br />Ivo Schädler, Regional Manager EMEA: "Our expansion of local production capacities is in response to existing bottlenecks. The new facility in the north and the expansion of our location in the south will enable us to continue to grow significantly faster than the construction market in Pakistan, and hence to strengthen our competitive position thanks to local production. Our focus in Pakistan is on the Concrete, Refurbishment and Flooring target markets, in which we want to continue driving forward our business activities."Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-76330676502668134522017-10-18T07:13:10.037-07:002017-10-18T07:13:10.037-07:00Pakistan’s developers unfazed by recent price drop...Pakistan’s developers unfazed by recent price drops<br />They rate the charged political situation as being the cause rather than market fundamentals<br /><br />http://gulfnews.com/business/property/pakistan-s-developers-unfazed-by-recent-price-drops-1.2108306<br /><br />Pakistan’s developers are not going to get caught up thinking short-term.<br /><br />That’s why they seem to be taking in their stride the near constant political turmoil, a relatively overvalued currency, and the fact that property values are down by nearly double-digits from what they were just under a year ago. And developers — whatever be their size — are keen to emphasise that these are only short-term hurdles to climb over.<br />That is why Zeeshan Zaki, Director at Karachi-based Saima Builders can say: “For quality developers and developments, there has been no shortage of demand. Projects continue to be sold regardless of the political turbulence … such is the shortage.<br />“Since 2011, property prices have gone up by 5-6 times and even higher in many cases. While this may sound extremely high, it is important to remember that it has come from an extremely undervalued position. And even today remains undervalued relative to its peers in the region.”<br /><br />Non-resident Pakistani buyers have had much to do with demand spike since the start of the decade. It was also the time that developers started to favour sprawling gated communities, and which managed to pick up significant interest from buyers in the Gulf.<br />But a key component enabling the upturn was the soft Pakistani rupee for the better part of the decade. That is not the case now.<br />“The rupee remains overvalued from a trade perspective, and something that has been stated by the IMF,” said Sameer Lakhani, Managing Director of the consultancy Global Capital Partners. “The government thus far has been reluctant to devalue the currency, because they reckon structural reforms are needed rather than just a mere devaluation.<br />“However, if we are took at past performance, it is highly probable the currency will move lower within the next 12 months.”<br />Currently, a dollar fetches Rs105.38, but in summer this year had dropped to Rs108.09. The IMF in some of its recent pronouncements have suggested the currency is about 20 per cent overvalued.<br />Any devaluation move could turn into a boom time for the country’s developers, more so if overseas Pakistanis feel the recent drop in property values further improves their prospects.<br />Across all of the prime cities, recent months have seen corrections, in some instances quite sharp too. In the upscale areas, values are now down by 5-15 per cent, while in second-tier neighbourhoods, the hit has left quite a dent in values, down 20-25 per cent, according to market sources.<br />“The situation will remain somewhat turbulent on the economic front until the political situation stabilises,” said a developer. “Investors hate uncertainty and these appear to be uncertain times.”<br />It could be that the real estate market — and the wider economy — has to wait until after June 2018 before a clearer picture emerges. The next general elections are due then, and a clear mandate from voters should smoothen some of the rough edges on the political front.<br />Zaki, for one, remains convinced the property market has what it takes to take on the recent turbulences. “I maintain that property values have only just started to recede that too in select areas and predominantly because of the political situation in Pakistan,” he added. “Fundamentally, the country remains severely undersupplied in terms of quality housing, a situation that is expected to remain for much of the coming decade.”<br />Most developers are thinking in the longer term. Despite the price drops, the number of project launches have not seen receded. Market sources suggest that what is absent is the speculative buying, and that can only return when the political situation corrects itself.<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.com