ISLAMABAD, 29 September 2006 — Dubai’s Emaar Properties secured one of the biggest real estate development project in Pakistan, after getting the nod to develop Pakistan’s two islands. Emaar Properties will have an 85 percent share in 13-year project to develop Bundal and Buddo.
The project, a 85:15 joint venture with the Qasim Port Authority, has a development outlay of $43 billion and is planned to be built over a period of 15 years. The legal formalities on the formation of the joint venture are expected to be completed during the next three months. The project is to create a mixed-use development that will reenergize the Pakistani economy and generate employment for the Pakistani youth.
The landmark development will consist of residential and commercial components, retail and leisure facilities besides hotels and lifestyle amenities including parks and water features.
As the pioneer of master-planned communities in Pakistan, Emaar has already rolled out the Canyon Views project in Islamabad. This is part of a Rupees 145 billion ($2.4 billion) outlay by Emaar in the country that include the Highlands development, also in Islamabad, and Crescent Bay in Karachi. Adviser to Prime Minister Shaukat Aziz, Ashfaq Hasan Khan said, “We will have another Dubai in the region.”
