Chosun Construction of South Korea and Shafsal Limited of Pakistan will jointly invest US $500 million to develop various commercial and residential projects in Pakistan. Addressing a joint news conference at Lahore Press Club on Saturday.
Myung Kim, chief executive of Chosun Construction, and Muhammad Saleem Bhatti, chief executive of Shafsal Limited, said both sides had agreed to jointly develop various projects, including residential complexes, shopping malls, country clubs, fitness centers in Lahore and Islamabad.
These projects worth about 500 million dollars will be of international standard and incorporate earthquake proof design constructions, they added. They said that the joint initiative augured well for the real estate sector in Pakistan, which had come under pressure in the recent months following an unprecedented boom. It will also encourage other South East Asian companies to explore the Pakistan real estate market, they viewed.
"It is my first visit to Pakistan and I see good potential in construction sector here," Myung Kim said. He added that they would try their best to provide world standard facilities in all the projects to be undertaken for residential as well as commercial purposes.
Chosun Construction has been working in the areas of real estate development for the last 30 years and besides South Korea has undertaken various projects in China, Muhammad Saleem Bhatti said. "Initially we will start our projects in Islamabad and Lahore while the scope will extend to their cities, subsequently", he added.
To a question, he said residential facilities would comprise big and small apartments spreading over an area of 1250 square feet (5-marla) and above. The price of a five marla apartment will be around Rs 750,000. "We have acquired land to build some 42-storey buildings in the federal capital, he added. To a question about financing of these projects, he said all our projects will be self-financed without assistance from any bank or financial institution.
The chief executive of Shafsal announced that they would allocate 10-percent quota for journalists in the residential projects, which they will be provided at concessional rates.
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