World's tallest building to be built on Karachi island: Musharraf

[Neo]

Emaar's Karachi island projects reaching groundbreaking stage
BY HASEEB HAIDER

24 March 2007

ABU DHABI — Pakistan on Thursday conferred its highest civilan award Sitara-i-Quaid-e-Azam on Mohammed Ali Alabbar, Director General of the Dubai Department of Economic Development and Chairman of Emaar Properties, while Arif Masood Naqvi, Vice-Chairman of Abraaj Capital was conferred with Sitara-e-Imtiaz.

Both the awards were presented by the Pakistan Ambassador to the UAE, Ahsan Ullah Khan at the embassy premises on Friday evening on the occasion of country's 67th National Day.

Alabbar while talking to reporters said that his company's two mega multi-billion US dollar Island development projects in Pakistan's financial capital Karachi, are going into ground breaking phase shortly. "The two projects of Bundal and Buddo Islands are the largest in company's portfolio and we are proud of these developments which would be really huge in size. We are developing two self contained cities with mixed use developments, spreading over 30,000 acres," he said.

Alabbar, who was last year awarded by the Moroccan King with country's civilian award praised the government of Pakistan for conferring its award. Sitara-e-Imtiaz is conferred on foreign nationals in recognition to their services to that country. About the Bundal and Buddo Islands developments, Mohammed Alabbar said these projects would include residential, commercial towers, shopping malls, medical facilities, schools, apart from creation of civic infrastructure. To a question, on the size of investment involved in the projects, Alabbar said: The amount is really huge, which would be revealed after the details of the projects are finalised with Port Qasim Authority (PQA). When asked what rate of return on investment he is seeking in Pakistan, Alabbar said : "Investments in Pakistan are not being made for profits. We have special relationship with the people and the government of Pakistan and historic ties so it is part of our strategy to boost our investments there."

He lauded the economic reforms in Pakistan, business doing environment and the attitude towards UAE investors in the country. " Our political relations are excellent which can be gauged in our business activities. The staff strength of Emaar in Pakistan is around 300 people. According to citation readout on the occasion, Emaar has already energised the Pakistani economy with development projects worth $2.4 billion. Emaar has unveiled its first master planned community in the country — Canyon Views in Islamabad. The company has also announced the highlands project in Islamabad and Crescent Bay in Karachi. It has also signed a memorandum of understanding (MoU) with Port Qasim Authority for a mixed-use land development comprising residential, retail, commercial and hospitality components.

Apart from creating new jobs opportunities for Pakistanis, the projects will support ancilliary industries and strengthen foreign investment inflow into the country. Arif Masud Naqvi Vice-Chairman of Dubai based Abraaj Capital said that Pakistan is a country of enormous business potential, and investors are comfortable and see opportunity rather than risk.

http://www.khaleejtimes.com/Display...h/business_March657.xml&section=business&col=

 

[Moin91]

When will port tower on karachi island starts construction ? anyone know's ?

 

[ahsonkhan]

well this is the world 10th tallest building
this building 117 stories high its located in karachi,Pakistan

The Port Tower is a building planned for Karachi, the financial capital of Pakistan, with the collaboration of local and foreign investors, in association with the Karachi Port Trust. When completed, the new structure will be 1,947 ft (593 m)[1] high. The height of the tower has a special significance - it represents the independence year of Pakistan which is the year 1947.

The new tower is part of a complex which will be constructed on artificial islands in the shape of symbols found on the flag of Pakistan - a crescent and a star. It will consist of a hotel and a shopping center, as well as an extensive area to host large-scale expositions. Integrating into Karachi’s skyline, main features of the venture will include a revolving restaurant and a viewing gallery offering a panoramic view of the coastline and the city. The construction site planned for this building is located along the Clifton shoreline of the crescent-shaped island. When completed, the Port Tower will be the tallest building in the country.

The Port Tower will be developed on a 10 acre waterfront site, off the Mai Kolachi expressway called the Karachi Waterfront. It has been designed by an international team of architects, led by the world’s fourth largest architectural practice, Aedas. Consortium partners MM Pakistan and Mott MacDonald would provide engineering services and architectural support expertise.

The tower would provide world class office space with residential, conference, performance, retail, restaurant, and support facilities.

President General Pervez Musharraf is likely to perform ground-breaking of Rs 20 billion(€ 280 million) Port Tower project in June, considered to be amongst 10-tallest buildings of the world.

"Our preparations are in full swing and it is hoped that the President will perform the ground-breaking of the tower in June," an official in the ministry of ports and shipping told Business Recorder.

He said it would be a landmark project in Karachi with world class recreational facilities and the 1,400 feet (430 m) high Port Tower with commercial-cum-recreational centre will rise at the skyline on the Clifton beach, he added.

The official said the main features of the venture would be a commercial complex, residential estate, recreational facilities and a viewing gallery offering a panoramic view of the coastline and the city.

The monument - believed to be amongst the 10 tallest buildings of the world - would be completed in a period of six years.

The complex would have speedy lifts for the visitors to have a bird's-eye view of the city from a revolving restaurant at its top.

The total 90 acre land required for the project would be made available through reclamation of the sea, the official said.

It is learnt that the Karachi Port Trust would contribute Rs 3.16 billion(€ 44.2 million) in the shape of 30 acre land for the tower and the Expo Centre, 30.5 acre land for low-rise residential complex, 21.5 acres for high-rise complex and 15.8 acres for shopping area and hotel.

The low-rise residential complex would comprise 75 units of 4,500 sq ft (420 m&#178 each, while the high-rise complex would have A and B categories of apartments.

The authorities believe the mega project would generate huge employment opportunities, as some 40,000 workers, along with 137 industries would remain associated with the project for six years

 

[Zyxius]

When will port tower on karachi island starts construction ? anyone know's ?

Gentlemen,

I'm sorry to say that there isn't going to be such a project taking place. I was directly involved in this project so I know of the details FIRST HAND.

The company to whom this project was given was called ePlanet Pakistan run by Navaid Yusuf. Their office was on the 1st floor of Park Towers in Clifton until roughly two years ago when they were closed down because they couldn't pay the bills.

Strange story behind this project.....they had come to terms with a company without verifying if they had the financial wherewithal to pull this off. They were fooled by Asad Jamal's ePlanet based in California which is actually a huge company whose subsidiary ePlanet Pakistan made a mockery of both its own name, and our system. ePlanet basically got the deal through some government hook ups and then turned around to people with money and said, "hey, we have this project and will manage it. If you invest, you get 50% of the profit and we take 50%". This formula works if the figures are more realistic, the company has a background and credibility in the field, and the project involved is realistic in the local environment. This project/company was lacking in all of these factors...it did not have any credibility in this field or background...the CEO was a former junior economist at a Bank in the Gulf and didn't know cement from steel or DHA from MBA. They were greedy and were demanding too much money because they were too confident of their powerful connections and the sweetness of their deal. The project being proposed bafflingly unrealistic:

A company with no back ground of relevant leadership was going to reclaim hundreds of acres of sea front land in Karachi against all political odds, and on top of that build a tower larger than had ever been built in Pakistan with technology, labor, machinery, materials and everything being imported from abroad since such a tall tower requires special concrete, steel, glass, and other materials. They expected people to hand them over US$ 200 million and let them just do their thing for 10 years and occasionally send them their profits in the mail. Its just absolutely ridiculous.

This company was also given 10 acres in DHA Karachi for which it was supposed to make payments on a very VERY concessional deal. They failed to make those payments and the plot was taken away from them. They then filed a case against the DHA and the legal process took over from there where it likely remains.

Coming back to this 1,947' tower. It will never be built...period! The company that was supposed to do it turned out to be a fraud and today it is no longer feasible with the prices of materials, oil and other critical factors that made this project profitable. Let us leave aside the issue of reclaiming sea-front land in Clifton where as we all know there are plenty of government and private entities that will take them to court to stop this project....even if by some miracle it did actually take off with a new financier.

Mega projects like this only take place in countries where one can reasonably be expected to take a 5-10 year view without being ridiculed by one's investors as being naive. This project is grossly naive and ambitious and ignores the realities of Pakistan.

What is most striking is that even after all of this fraud and destruction of confidence and goodwill in Pakistan, Mr Musharraf has allowed his son, Bilal Musharraf to go and work for this company as their Deputy Managing Director. Not only that, but government connections and our ambassador was used to arrange meetings with people like Prince Waleed so that this company can pitch yet more brilliant projects for Pakistan and elsewhere. I just don't understand why our President couldn't stay away from this company.

 

[opinion786]

The building will be built insha-ALLAH as its a project of KPT. The previous company may have run away. But, it was not their project as they were only the constructors. The KPT will have it built with some other construction company.

Prince Waleed daily meets many dignitaries, who request him to fund various projects in their countries. I see no harm if Bilal Musharraf meets him.

 

[Goodperson]

Gentlemen,

I'm sorry to say that there isn't going to be such a project taking place. I was directly involved in this project so I know of the details FIRST HAND.

The company to whom this project was given was called ePlanet Pakistan run by Navaid Yusuf. Their office was on the 1st floor of Park Towers in Clifton until roughly two years ago when they were closed down because they couldn't pay the bills.

Strange story behind this project.....they had come to terms with a company without verifying if they had the financial wherewithal to pull this off. They were fooled by Asad Jamal's ePlanet based in California which is actually a huge company whose subsidiary ePlanet Pakistan made a mockery of both its own name, and our system. ePlanet basically got the deal through some government hook ups and then turned around to people with money and said, "hey, we have this project and will manage it. If you invest, you get 50% of the profit and we take 50%". This formula works if the figures are more realistic, the company has a background and credibility in the field, and the project involved is realistic in the local environment. This project/company was lacking in all of these factors...it did not have any credibility in this field or background...the CEO was a former junior economist at a Bank in the Gulf and didn't know cement from steel or DHA from MBA. They were greedy and were demanding too much money because they were too confident of their powerful connections and the sweetness of their deal. The project being proposed bafflingly unrealistic:

A company with no back ground of relevant leadership was going to reclaim hundreds of acres of sea front land in Karachi against all political odds, and on top of that build a tower larger than had ever been built in Pakistan with technology, labor, machinery, materials and everything being imported from abroad since such a tall tower requires special concrete, steel, glass, and other materials. They expected people to hand them over US$ 200 million and let them just do their thing for 10 years and occasionally send them their profits in the mail. Its just absolutely ridiculous.

This company was also given 10 acres in DHA Karachi for which it was supposed to make payments on a very VERY concessional deal. They failed to make those payments and the plot was taken away from them. They then filed a case against the DHA and the legal process took over from there where it likely remains.

Coming back to this 1,947' tower. It will never be built...period! The company that was supposed to do it turned out to be a fraud and today it is no longer feasible with the prices of materials, oil and other critical factors that made this project profitable. Let us leave aside the issue of reclaiming sea-front land in Clifton where as we all know there are plenty of government and private entities that will take them to court to stop this project....even if by some miracle it did actually take off with a new financier.

Mega projects like this only take place in countries where one can reasonably be expected to take a 5-10 year view without being ridiculed by one's investors as being naive. This project is grossly naive and ambitious and ignores the realities of Pakistan.

What is most striking is that even after all of this fraud and destruction of confidence and goodwill in Pakistan, Mr Musharraf has allowed his son, Bilal Musharraf to go and work for this company as their Deputy Managing Director. Not only that, but government connections and our ambassador was used to arrange meetings with people like Prince Waleed so that this company can pitch yet more brilliant projects for Pakistan and elsewhere. I just don't understand why our President couldn't stay away from this company.

You seem to have insider information, hope you may have erred.

 

[Zyxius]

You seem to have insider information, hope you may have erred.

You could say it doesn't get more "insiderer" than this. I've given you very detailed insider information...I dont know what else I could tell you.

There is talk that Aref Habib will be taking over this...and that he will be teaming with a large local builder. However, considering that Aref Habib is still reeling from the Pakistan Steel deal, I doubt he'll want to go for a beach reclamation project and take on all kinds of political forces that usually arise when you're talking about privatizing our shoreline.

 

[Zyxius]

The building will be built insha-ALLAH as its a project of KPT. The previous company may have run away. But, it was not their project as they were only the constructors. The KPT will have it built with some other construction company.

Prince Waleed daily meets many dignitaries, who request him to fund various projects in their countries. I see no harm if Bilal Musharraf meets him.

I'm not suggesting any financial wrong doing by the President. I am saying that it is a horrible decision to associate with ePlanet which is defrauded people in Pakistan both in the public as well as private sector. Association with them is bad enough, allowing the President's son to become their Deputy Managing Director is even worse. And what is EVEN WORSE is that GoP connections were used to take ePlanet to Prince Waleed, among others I'm sure. And what is EVEN WORSE is that ePlanet will probably not bring a dollar of anything into Pakistan, except as another fraud deal. Its just bad to be around such people. Check Dawn's public notices regarding ePlanet if you don't believe me. DHA Karachi placed several public notices against ePlanet two years ago. Their chairman, Asad Jamal, could have paid the US$ 2 million dollar installment to DHA for the land he bought from them in a sweet heart deal from one of his credit cards but refused to do so and defrauded everyone involved instead.

 

[solid snake]

I have posted the above information at:

KARACHI | Port Tower Complex | 1947ft | VISION - Page 13 - SkyscraperCity

 

[Zyxius]

I have posted the above information at:

KARACHI | Port Tower Complex | 1947ft | VISION - Page 13 - SkyscraperCity

I checked out that other forum and apparently that moderator was having a hissy fit about this. So although this doesn't prove much, it does prove the point about ePlanet being given the 10 acres in DHA. You can also call any real estate agency worth its salt in the DHA area (i.e.PakRealEstate.com - Directory of Real Estate and property in Pakistan
and they will likely use the word FRAUD to describe them and will confirm my report about their DHA project (which was revoked due to defaulting on payments) and the revoked ""tallest building in the world" project....which by the way is actually supposed to be the 10th tallest, not tallest. What they would not be able to tell you is that this company was kicked out of its office because they couldn't pay the bills...this is something the administration of Park towers can verify. They would also be able to confirm that this company did not pay its employees, the electric company, the telephone company, or anyone else for that matter. They finally closed shop and high tailed it out of here and I guess they are now operating from abroad....not sure of the latest status.

the below also demonstrates, by the way, one type of element that makes it virtually impossible to do such projects in Pakistan. They have some valid points, but also many invalid ones which they insist on enforcing.

Yahoo! Groups

Urban Resource Center,
Cordially invites you to a discussion forum on

Clifton Beach and Sea View;
Proposed plans and their impacts

Speaker
Mr. Arif Hasan
Chairman Urban Resource Centre

Date: Wednesday, 16th August 2006

Time: 5:15 pm @ URC office

The battering of our beaches

Now, the ocean foreshore of Karachi is the heritage of all Pakistanis, including our future generations, held as a public trust by the government of the day. It is non-sustainable; once it is gone, it is gone. The city’s population is increasing by 500,000 a year. We need all our beaches to cater for increased recreational needs.

Beaches are not a luxury. They are public spaces that provide a different set of rhythms for the renewal of public life. Beaches are democratic commons that bring people together to stroll, to paddle, swim, splash in the waves, ‘watch’ the surf, and gaze into the sunset. Public access to the beach is integral to democracy and equality. Karachi is almost destitute of parks and playgrounds and open spaces. It has fewer acres of such spaces per 1,000 residents as compared to any major city in the developed world. There are also vast disparities in the access to parks and recreation. In middle and low-income areas citizens do not have, near enough, open spaces in their neighbourhoods — but they do have more than their fair share of toxic waste and pollutants. The middle and lower-income groups, to be able to breathe, throng to our public beaches on public holidays and weekends.
By Ardeshir Cowasjee Daily Dawn February 19, 2006.

DHA'S PROPOSED WATERFRONT COMMERCIAL PROJECTS
The DHA has initiated a $600 million water front development project to turn the existing beach into DHA's grand commercial projects avenue in the next eight to ten years the 14-kilometer Karachi beach from abandoned Casino to Golf Club..
The project has two components, one of which pertains to civic facilities, and DHA itself is expected to undertake it. The other one is to be developed with participation of local as well as foreign investors. This three-phased project consists of shopping mall with best entertainment facilities, a food court, a hype-market, in-line retail, covered/open car parking, gaming facilities, ground-plus six story buildings, commercial office towers, go-kart track facilities and service apartments. An agreement with M/s ePlanet, a financial venture capital group based in America, has also been finalised for developing an exclusive high-rise residential complex over 10.3 acres with towers up to 50 story.

The group is in the process of setting up special purpose vehicle for execution of the project and work is expected to commence at the site very soon. Moreover, 74 acres of land would be reclaimed for construction of high-rise buildings. An agreement has been formalised with M/s Emaar, a major Dubai-based land development consortium, to build eight residential towers of up to 50 story. Other than that, eight commercial towers housing the offices on 50-story, ground-plus six story for residential purpose, town houses comprising ground floors and two stories, a 5-star hotel and a most modern amphitheatre would also be constructed. Further, an agreement with M/s International Spectrum Development Corporation, an American-based consortium specialising in entertainment industry, has been finalised for the development of most modern and the state-of-art entertainment center. Join Date: Feb 2005 DHA Press Release
___________________________
Muhammad Younus
Director
Urban Resource Centre
A-2/2, 2nd Floor, Westland Trade Centre,
Commercial Area, Shaheed-e-Millat Road,
Karachi Co-operative Housing
Society Union, Block 7 & 8 Karachi Pakistan
Tel: +92 21 - 4559317 Fax: 4387692
Web site : Urban Resource Centre
E-mail: urc@...

 

[solid snake]

What you are saying about eplanet might be true but that dosen't mean the project is definitely dead. Someone else might step up and make it a reality. Until the first stone is laid and construction begins, you can't really say much abouy any project.

 

[Majnun]

Don't want this to happen.
First of all, I don't like skyscrapers in general.
And this could become a target for certain elements in the country.

 

[American Pakistani]

Oh God, when will the construction work of this XYZ tallest building started.
Will it start after the 2013 elections after Musharraf win's the election?

Waiting desperately.

 

[chops3d]

Gentlemen,

I'm sorry to say that there isn't going to be such a project taking place. I was directly involved in this project so I know of the details FIRST HAND.

The company to whom this project was given was called ePlanet Pakistan run by Navaid Yusuf. Their office was on the 1st floor of Park Towers in Clifton until roughly two years ago when they were closed down because they couldn't pay the bills.

Strange story behind this project.....they had come to terms with a company without verifying if they had the financial wherewithal to pull this off. They were fooled by Asad Jamal's ePlanet based in California which is actually a huge company whose subsidiary ePlanet Pakistan made a mockery of both its own name, and our system. ePlanet basically got the deal through some government hook ups and then turned around to people with money and said, "hey, we have this project and will manage it. If you invest, you get 50% of the profit and we take 50%". This formula works if the figures are more realistic, the company has a background and credibility in the field, and the project involved is realistic in the local environment. This project/company was lacking in all of these factors...it did not have any credibility in this field or background...the CEO was a former junior economist at a Bank in the Gulf and didn't know cement from steel or DHA from MBA. They were greedy and were demanding too much money because they were too confident of their powerful connections and the sweetness of their deal. The project being proposed bafflingly unrealistic:

A company with no back ground of relevant leadership was going to reclaim hundreds of acres of sea front land in Karachi against all political odds, and on top of that build a tower larger than had ever been built in Pakistan with technology, labor, machinery, materials and everything being imported from abroad since such a tall tower requires special concrete, steel, glass, and other materials. They expected people to hand them over US$ 200 million and let them just do their thing for 10 years and occasionally send them their profits in the mail. Its just absolutely ridiculous.

This company was also given 10 acres in DHA Karachi for which it was supposed to make payments on a very VERY concessional deal. They failed to make those payments and the plot was taken away from them. They then filed a case against the DHA and the legal process took over from there where it likely remains.

Coming back to this 1,947' tower. It will never be built...period! The company that was supposed to do it turned out to be a fraud and today it is no longer feasible with the prices of materials, oil and other critical factors that made this project profitable. Let us leave aside the issue of reclaiming sea-front land in Clifton where as we all know there are plenty of government and private entities that will take them to court to stop this project....even if by some miracle it did actually take off with a new financier.

Mega projects like this only take place in countries where one can reasonably be expected to take a 5-10 year view without being ridiculed by one's investors as being naive. This project is grossly naive and ambitious and ignores the realities of Pakistan.

What is most striking is that even after all of this fraud and destruction of confidence and goodwill in Pakistan, Mr Musharraf has allowed his son, Bilal Musharraf to go and work for this company as their Deputy Managing Director. Not only that, but government connections and our ambassador was used to arrange meetings with people like Prince Waleed so that this company can pitch yet more brilliant projects for Pakistan and elsewhere. I just don't understand why our President couldn't stay away from this company.

wow and the govt gave the tender to them without investigating which company they were giving tender to??, and also because the company promised them 50% profit share

 

[Invincible INDIAN]

Oh God, when will the construction work of this XYZ tallest building started.
Will it start after the 2013 elections after Musharraf win's the election?

Waiting desperately.

Sorry friend, Could find any thing like that.

List of tallest buildings and structures in the world - Wikipedia, the free encyclopedia