World's tallest building for Karachi is back on track with Bahria Town's Malik Riaz signing a memorandum of understanding (MOU) with German-American real estate tycoon Thomas Kramer. Riaz brought in Kramer after his earlier deal with Abu Dhabi Group collapsed soon after signing about three weeks ago. Both Riaz and Kramer have an established track record for developing upscale properties; Riaz in Pakistan and Kramer in Florida and Germany.
The $20 billion plan is to develop 12,000 acres of land over a period of 10 years on Bundal & Buddo Islands about 3 kilometers from Karachi's Clifton district. The first residential units be completed as early as 2016. In addition to housing, the plans also include world’s tallest building, world’s largest shopping mall, mosques, cinemas, spas, golf courses, schools and hospitals, all with modern amenities and associated infrastructure. The two islands will be connected with each other and the mainland by a six-lane bridge. The entire city will be a “high security zone”, with its own desalination and power generation plants to enable it to be self sufficient for water and power.
South Beach, Florida, USA
Speaking to the media after signing the MOU, Thomas Kramer said, “I have full confidence in the people and economy of Pakistan. In 1970 when I started my project in Germany it was the worst era of their history. Likewise when Miami Beach project was started, the area was in full control of Cuban criminals, different mafias and gangsters. Dead bodies used to be scattered on the beaches. I completed my projects successfully. Today they are the world’s most secure and advanced regions. Current situation in Pakistan is much better than those areas. Further I am confident that this project along with boosting the economy will also eradicate terrorism from Pakistan. This is a once in a lifetime chance to bring Pakistan back on the map to the leading nations in the world.”
Sharing the podium with Kramer, Bahria Town's Malik Riaz said, “Our slogan is ‘Bahria Town Commits – Bahria Town Delivers’ and Alhamdulillah we have fulfilled all our promises made with Pakistan and Pakistanis. We know that the construction sector has played a key role in transforming the USA, Malaysia, Japan, Turkey and Germany into developed nations. In the same manner, Insha Allah, Pakistan will also become a developed nation, which is our vision. This project will not only provide 2.5 million jobs but will help revive 55 national industries and provide housing to 1 million Pakistanis. It will also help eliminate terrorism and crimes.”
Back in 2008, there was a lot of excitement in Pakistan when Dubai developer Emaar announced a massive real estate project valued at $43b to develop two island resorts near Karachi. That investment never materialized. More recently, the deal between Abu Dhabi Group and Bahria Town also fell through even before it got off the ground. This latest deal is an indication that Malik Riaz is now more determined than ever to realize this dream of his. Is third time the charm? Let's wait and see!
Haq's Musings: Successful South Beach Developer Eyes Karachi Real Estate
The $20 billion plan is to develop 12,000 acres of land over a period of 10 years on Bundal & Buddo Islands about 3 kilometers from Karachi's Clifton district. The first residential units be completed as early as 2016. In addition to housing, the plans also include world’s tallest building, world’s largest shopping mall, mosques, cinemas, spas, golf courses, schools and hospitals, all with modern amenities and associated infrastructure. The two islands will be connected with each other and the mainland by a six-lane bridge. The entire city will be a “high security zone”, with its own desalination and power generation plants to enable it to be self sufficient for water and power.
South Beach, Florida, USA
Speaking to the media after signing the MOU, Thomas Kramer said, “I have full confidence in the people and economy of Pakistan. In 1970 when I started my project in Germany it was the worst era of their history. Likewise when Miami Beach project was started, the area was in full control of Cuban criminals, different mafias and gangsters. Dead bodies used to be scattered on the beaches. I completed my projects successfully. Today they are the world’s most secure and advanced regions. Current situation in Pakistan is much better than those areas. Further I am confident that this project along with boosting the economy will also eradicate terrorism from Pakistan. This is a once in a lifetime chance to bring Pakistan back on the map to the leading nations in the world.”
Sharing the podium with Kramer, Bahria Town's Malik Riaz said, “Our slogan is ‘Bahria Town Commits – Bahria Town Delivers’ and Alhamdulillah we have fulfilled all our promises made with Pakistan and Pakistanis. We know that the construction sector has played a key role in transforming the USA, Malaysia, Japan, Turkey and Germany into developed nations. In the same manner, Insha Allah, Pakistan will also become a developed nation, which is our vision. This project will not only provide 2.5 million jobs but will help revive 55 national industries and provide housing to 1 million Pakistanis. It will also help eliminate terrorism and crimes.”
Back in 2008, there was a lot of excitement in Pakistan when Dubai developer Emaar announced a massive real estate project valued at $43b to develop two island resorts near Karachi. That investment never materialized. More recently, the deal between Abu Dhabi Group and Bahria Town also fell through even before it got off the ground. This latest deal is an indication that Malik Riaz is now more determined than ever to realize this dream of his. Is third time the charm? Let's wait and see!
Haq's Musings: Successful South Beach Developer Eyes Karachi Real Estate
