The largest ever Real Estate transaction in the history of CDA is signed in Islamabad and Chief Executive of Sardar Builders, Sardar Tanveer Ilyas, has submitted the pay order of Rs 1.5 billion, 25 percent of the total amount.
Pak-Gulf Construction (Pvt) Limited, a joint venture of the Al Timimi Group of Saudi Arabia, and Sardar Builders of Pakistan have purchased 6.6 acre plot from the CDA after an auction for Rs 6.6 billion to construct a multi purpose complex, first of its kind in Pakistan.
It shall comprise of a high rise office and apartment towers, shopping complex and a 5 star deluxe hotel. Total project cost is expected to be around $250 million.
The project is ideally situated in the heart of Jinnah and Faisal Avenue and is expected to be a monument in itself with exceptional design features, state of the art recreational and entertainment facilities, high tech office space and apartments offering an exceptional living experience with breathtaking views.
Furthermore, the project offers a first of its kind, an inward looking shopping mall. The sponsors plan to have in place an experienced project management team to implement the project.
They have short listed renowned architects from Malaysia, Pakistan and UK, one of which is Atkins, who designed the Jumeriah Beach hotel and the Burj-Al-Arab in Dubai.
Construction activity is expected to take three years and sales shall commence by the end of the year. The Project is being financed partially by the Al Falah Bank.
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