Emaar Pakistan, the subsidiary of global property developer Emaar Properties, is one of the largest foreign investors in the real estate sector of the country with investments of over US$2.4 billion announced already. The master-planned communities launched as part of the investment bring in to Pakistan the concept of integrated neighborhoods a trend pioneered by Emaar in Dubai, its international headquarters.
Emaar Properties has expanded to Pakistan in line with its Vision 2010 to become one of the most valuable companies in the world through geographic expansion and business segmentation. Today, Pakistan is one of the key markets for Emaar, with the country already contributing to the international revenue stream through sale of Emaar Pakistan’s master-planned communities in Islamabad and Karachi.
Emaar’s approach to property development is to introduce integrated communities featuring the entire spectrum of lifestyle amenities such as healthcare, education, shopping malls and hospitality & leisure. Emaar’s projects in Pakistan – Highlands and Canyon Views in Islamabad and Crescent Bay in Karachi – are integrated communities that bring in a new lifestyle choice to the country.
Pertinently, Emaar’s projects also add to the socio-economic prosperity of the nation by creating employment opportunities and supporting the growth of ancillary industries. This complements Emaar’s vision for Pakistan to partner in the overall growth of the nation by energizing the economy through multi-faceted development.
Emaar has started sale of villas and town homes in Canyon Views in Islamabad, and also unveiled luxury residences in Crescent Bay. Master-planned by international architects and being developed by a team of Pakistan’s leading contractors and engineers, the projects have opened to strong customer response.
Canyon Views features villas and townhomes in varied architectural styles with the Mirador villas and Alma townhomes being hugely sought-after for the luxury finishes and quality fittings. The community is marked by wide open green spaces, meandering walkways and tree-frilled streets. Crescent Bay is spread over an area of 108 acres and features 45 high and mid-rise towers for residential and commercial purpose apart from shopping centers and a five star beach front hotel.
Canyon Views and Crescent Bay have already evolved as models for integrated township development in the country. Currently, contracts are being given out for a variety of construction-related aspects of the two developments. Emaar Pakistan has also reiterated its commitment to the country by hiring and nurturing local workforce in key roles of the company.
The company is introducing the latest construction technologies to the country as part of its commitment to invest in Pakistani real estate sectors in the next two decades. Most recently, Emaar Pakistan launched the Tunnel Form System, an innovative construction technique, which will help Emaar to provide quality residences.
The Tunnel Form System ensures speedy construction, whereby it takes only two days to complete a villa with high build quality and better finishes. It will also eliminate chances of any settlement of foundation and give higher tensile compressive strength to walls and roof by strengthening concrete.
Emaar’s strong project execution capacity as per plan and ability to transfer ownership as per terms has been reaffirmed when Emaar DHA Islamabad Ltd, the joint venture between Emaar Pakistan and Defense Housing Authority (DHA) Islamabad, was assigned the PE1 developer rating by the Pakistan Credit Rating Agency Limited (PACRA) and National Engineering Services Pakistan (Pvt) Limited (NESPAK).
Billed as one of the Next Eleven economies, Pakistan’s economy has undergone a drastic transformation in favor of the Services sector. This has spurred the demand for world-class property – residences, commercial, retail and hospitality which is currently being met by Emaar Pakistan.
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