In: Root » Legal and finance » Real estate
Another great success story is the residential, commercial and corporate mix use commercial being developed in the heart of Islamabad, Pakistan called The Centaurus. The project is mainly sponsored by GCC’s one of the biggest investors The TAMIMI Group and being managed by a local developer with a venture named as Pak-Gulf Construction company. The construction being done by the largest Chinese Construction company and designed by the company having some exclusive master pieces to its credit such as Burj Ul Arab(Symbol of Arab) The Atkins. Project is located in the centre of Islamabad where this is the only allotment of plot been done by Capital Development Authority (CDA), Islamabad. Project’s worth is approximately 60 Billion Rupees out of which the cost of land is around 6 Billion Rupees. The project has been completed at a structure level with 27 storeys of two residential buildings and one corporate tower. The five start hotel in contract with The Hilton is yet to be started after the piling work. Project is certainly the main attraction for elite of Pakistan living at home or overseas. The clientele comprises of celebrity stars, business community and well known personalities of Pakistan. Project seems to be a great success as most of the residential parts have already been booked and sold out. The method adapted for booking the properties is very much familiar to the method adapted by Emaar Properties in Pakistan, which is to appoint some exclusive agents as the authorized real estate sales consultants for selling the properties. These projects have become the identity of Pakistan and are bringing the foreign direct investment in Pakistan. These success stories are the benchmark for other real estate developers who are considering to start their operations in Pakistan but are having the reservations regarding the security situation. But if we talk about business, debt-crisis is even worse than terrorism. So in terms of investing in real estate, Pakistan seems to be more lucrative than US, Europe and GCC, who are currently facing worse situation in shape of their financial crisis, which has not affected Pakistan a bit. Author of this article is M.Mubusher Hayat, who is the CEO of one of Pakistan's real estate consultancy firm Earthlink Consultants. At Earthlink properties of Emaar Pakistan and The Centaurus are dealt as Earthlink Consultant's is one of the authorized firm to manage the properties of these large scale real estate developers. M.Mubusher Hayat, CEO
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