LAHORE: A Chinese company-led consortium is set to construct Naya Pakistan apartments in LDA City as the Lahore Development Authority (LDA) has awarded letter of intent (LOI) for the construction of first 15 blocks of the project.

HENAN D.R. Construction Group Co Ltd, a Chinese company, has secured the LOI from LDA. A copy of the LOI is available with Business Recorder.

Already, the company was involved in construction of 1320 MW HUBCO Coal Fired Power Project, 1320MW Sahiwal Coal Fired Project (both HUBCO & Sahiwal projects were in CPEC) and presently HENAN is working on 660MW Lucky Power Project.

It is worth mentioning that the LDA City Naya Pakistan Apartments is a project worth Rs 10 billion in which 4,000 apartments will be constructed over an area of 800 kanals at mouza halloke adjoining Ring Road.

The LDA has signed an agreement with Bank of Punjab (BOP) for providing finances for this project. Each apartment will be 650 square feet with two bed and two bathrooms. The approximate cost of the apartment would be Rs. 2.7 million and Naya Pakistan Housing Authority will provide Rs 300,000 subsidy while banks will provide soft loans under Islamic banking (takaful). The loans will be payable in a period of 5, 10 and 20 years. The payment of installments will start after possession.

HENAN D.R. has done numerous similar apartments construction projects in China and internationally in Algeria and Fiji. It has also purchased six acres of land in Faisalabad Industrial Estate (FIEDMC) for production of materials to be used for easy housing. The production plant was inaugurated by PM Imran Khan on September 18, 2019.

HENAN D.R. Construction Co Ltd, Pakistan Branch, has rich experience of working in Pakistan and is registered with SECP (Security & Exchange Commission of Pakistan) since 2015. HENAN is also registered with Pakistan Engineering Council (PEC) in FC-B category and it can undertake projects worth $40 million in Pakistan.

Copyright Business Recorder, 2021