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Talking with CNBC today, Mohamed Ali Alabbar, Chairman of Dubai-based Emaar Properties, said he believes Pakistan represents a great investment opportunity for his company as it goes global. He said Emaar sold a major project yesterday within hours of launch in Pakistan.

A massive real estate project valued at $43b by Emaar is underway in Pakistan to develop two island resorts near Karachi. This is Emaar's single largest project and supersedes the $26.7 billion King Abdullah Economic City project in Saudi Arabia announced in 2006. This project will include office buildings, hotels, apartments, golf courses, and beaches. The two islands will be self-contained cities spread over 30,000 acres of land.

Emaar has already energized the Pakistani economy with development projects worth $2.4 billion. Emaar has unveiled its first master planned community in the country — Canyon Views in Islamabad. The company has also announced the highlands project in Islamabad and Crescent Bay in Karachi. It has also signed a memorandum of understanding (MoU) with Port Qasim Authority for a mixed-use land development comprising residential, retail, commercial and hospitality components.

Another Dubai-based company, Abraaj Capital, has acquired land in Karachi's financial district to build Karachi Financial Towers (twin-towers) to cater to the booming banking sector in Pakistan.

Apart from creating new job opportunities for Pakistanis, these projects will support ancillary industries and strengthen foreign investment inflow into the country.

Arif Masud Naqvi Vice-Chairman of Dubai based Abraaj Capital said that Pakistan is a country of enormous business potential, and investors are comfortable and see opportunity rather than risk.

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Comment by Riaz Haq on January 2, 2012 at 6:08pm

Here's the latest on Emaar's Crescent Bay as reported by Express Tribune:

The Pakistan Defence Officers Housing Authority (DHA) and the Dubai-based international construction giant Emaar are at loggerheads over the much-advertised and much-delayed 108-acre Crescent Bay project in DHA Phase VIII’s waterfront zone E.

DHA has filed a petition against four companies — Emaar Giga International FZCO, Emaar Giga Karachi Limited, Emaar Properties PJSC and CEO Global Marketing Services (GMS) Shaukat Qureshi — in the Sindh High Court. It won a stay order on June 27 until the next hearing scheduled for July 12, The Express Tribune has learnt.

DHA and Emaar Giga International had signed a memorandum of understanding on May 20, 2004 to construct 46 towers in three ‘uniquely designed’ bays.

According to Emaar Pakistan’s website, each of these three bays was to be “encircled by a community with its own unique look and character, which extends from the architecture to the landscaping and the street furniture.” Crescent Bay One was set to feature a hotel, malls, a waterfront promenade, piazza, four office towers, surrounded by green spaces, parks and plazas. Crescent Bay Two was to house residential towers complete with a Waterfront Retail Arcade running along the beach. Crescent Bay Three was termed the most exclusive of the residential neighborhoods, with controlled vehicle access, and a luxurious waterfront promenade.

However, even though more than seven years have passed since the deal was inked, DHA contends that only two towers and that too only till the second floor have been constructed, even though Emaar has collected more than Rs1.5 billion from its customers in advance.

Moreover, out of the 110 people who were allotted plots in Crescent Bay, 100 of them are in litigation against Emaar and many of them are demanding their money back.

Sources in DHA said that their beef with Emaar was not only due to the fact that the international construction giant owes it Rs600 million, but also because “it was trying to create a DHA within DHA.”

DHA maintains that Emaar was trying to “clandestinely” sell Crescent Bay plots without its permission to “unauthorised parties.” The authority says it was “shocked” to learn through a letter on June 13, 2011 from CEO GMS Qureshi that his marketing company was working with Emaar Giga Karachi for the last 15 months to sell land that had been sub-let by DHA.

On June 25, 2011 DHA officers discovered GMS staff taking measurements and dimensions of the land, which the regulatory body believes was in clear violation of its agreement that mentions that no sale can move ahead unless DHA approves it. DHA immediately removed the GMS personnel from the site and took over possession of the land and the Crescent Bay project itself in “public interest”. It now wants to undertake construction of the two towers which, according to them, Emaar has abandoned.

Senior officials with DHA told The Express Tribune that it was extremely unfortunate that Emaar has not completed its commitments to the people, especially since there were huge expectations from them, given their expertise and long list of successful projects. Although DHA’s experience in mega construction projects is negligible compared to Emaar’s, it believes that with its experience of Creek Vista in Karachi, it can take off from where the international construction stopped....

http://tribune.com.pk/story/204627/dha-takes-over-crescent-bay-proj...

Comment by Riaz Haq on September 16, 2012 at 10:02am

Here's an ET report on Emaar Alma Townhomes project in Islamabad:

With Spanish and Portuguese architectural designs, imported electrical and sanitary fittings, ironmongery for doors and design-fitted kitchens, Alma Townhomes offer dream homes for those wanting to invest in real estate.

The second phase of the housing project, that was opened for buyers by international real estate developer Emaar on Saturday, saw a large number of potential home owners from twin cities showing up. The two-day event is being held at a sales centre inside Emaar’s 400-acre gated community — Canyon Views.

Situated on the Islamabad Highway near the Grand Trunk Road (DHA Phase-II Extension), the Alma houses target a major segment in the housing market – end users who are looking for an “affordable” house in a safe and sustainable community, according to Emaar Pakistan Head of Development and Projects Shairyar Salim. The company has completed the first phase, which is fully occupied.

The earthquake-resistant housing units, which occupy eight to 12 marlas and have three to four bedrooms, start with a price of Rs14 million, which is slightly high compared to Bahria Town’s Safari Villas and Defence Housing Authority (DHA). A 10-marla house Safari Villas and DHA cost Rs12 million and Rs11.5 million on average respectively, according to a Rawalpindi-based real estate agent Waseem Kiyani.

He said that a ready-made house on 10 marlas in Bahria Enclave can cost around Rs15 million with a one-year payment plan.

Facilities at these housing projects seem comparable, although Salim believes Emaar’s designs are more “advanced”, as they draw on the developer’s experience of making international housing projects.

The Alma Townhomes might also have a superior security apparatus. The integrated community has a three-tier security plan which includes two outer boundary walls and a security patrol on the streets.

“With Emaar, you’re confident that your money will not go down the drain,” said Asif Akhtar, a resident of the Alma Townhomes Phase-I who works for the Army Welfare Trust.

“They deliver on their promises, and their quality of construction and services are simply amazing,” he added.

The houses will be made available under a two-year payment plan and the construction is expected to be completed within that time frame, said Emaar Pakistan Head of Sales and Marketing Uzair Adil.

According to Salim, houses in Phase-I were quick to sell out and a similar response is expected from the second phase. The new community will also have access to facilities that were constructed for the first phase, such as a school and markets.

“The advantage of Phase-II is that the infrastructure is already present and the roads are almost complete,” he added.

Salim went on to explain that the houses will be built in groups of 50 to 60 units, with each group having a park, play area and BBQ area. Plans to build a hospital, shopping malls, community club houses and mosques are also underway.

Shaukat Zia, a civil engineer from Rawalpindi, who was present at the launch with his family, seemed quite impressed after being briefed about the project.

However, he was concerned about the investment, saying that a house in the townhomes seemed only feasible for the elite.

Salim said Emaar is looking to sell around 150 units in the first batch, which is approximately one-third of the total units.

Emaar Pakistan has invested over $2.4 billion in the country since 2007, according to information available on its website.

http://tribune.com.pk/story/437366/coming-soon-for-islooites-a-new-...

http://www.emaar.com/pakistan/

Comment by Riaz Haq on May 30, 2015 at 8:01am

ISLAMABAD: Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key markets world-wide. Besides building residential and commercial properties, the company also has proven competences in shopping malls & retail, hospitality & leisure and financial services sectors.

Emaar Pakistan is operating two projects under its belt Canyon Views Islamabad and Crescent Bay Karachi. Canyon views Islamabad is a housing society, projecting beautifully constructed, luxurious villas based on Mediterranean designs. The community layout follows that of a village, with each village having a separate gate, parks and a community swimming pool. The community provides its customers with options of choosing from plots, mixed use commercial and apartment complexes to the sale of three different types of villas, Miradors, Prados and Almas. Canyon Views Islamabad provides its residents with a wholesome lifestyle experience complemented by serviced amenities and commercial buildings. Crescent Bay Karachi on the other hand, is a seafront wonder, entailing the construction of luxurious apartment towers along the bay of the city. It is planned to be a construction marvel for Pakistan and the world to see. The magnificence of Crescent Bay has already surfaced itself on Google Earth, making the project visible through satellite images. Emaar has gained worldwide repute for its quality under taking and innovative styles of buildings and lay outs. Taking Canyon Views forward, it is an exclusive gated community spread over 350 acres of land, accommodating over 3000 units. The community projects a mix of natural attractions combined with exceptional architecture and the finest leisure facilities. The project is serving as a benchmark in developing master-planned communities. Once completed, it shall be a commitment to our promise of providing landmark lifestyles and shall change the real estate scene in the country.

http://www.dailytimes.com.pk/business/22-Mar-2015/emaar-dha-introdu...

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