Emaar Pakistan signs agreement with Paragon Construction for piling work of towers in plot 7 & 8 of Crescent Bay

Emaar Country Manager Turner, Mr Abdul Majeed Qureshi along with Chief Operating Officer Emaar Pakistan, Mr Saleem Butt; Managing Director Paragon, Mr Aftab Siddique and Director Corporate Services Emaar Pakistan, Mr Sarwar.

• Text size
•  
•  

Karachi, Pakistan - Emaar Pakistan, the country-subsidiary of global property developer Emaar PropertiesEmaar Properties PJSC, has awarded the piling work contract for towers in plot 7 & 8 within Crescent Bay to Paragon Construction, a leading Pakistani company. Crescent Bay is the pioneering master-planned community being developed by Emaar Pakistan and is part of a multi-billion dollar investment by the company in the country's real estate sector.

Mr Saleem Butt, Chief Operating Officer, Emaar Pakistan, signed the agreement with Mr Aftab Siddique of Paragon Construction recently. As per the contract valued at over Rs2 billion, Paragon will undertake the piling work for Reef and Pearl Towers within Crescent Bay, with piling expected to be completed in six months. Work on the super structure and mechanical, electrical and plumbing (MEP) works will start thereafter.

Mr Butt said: "Crescent Bay is energizing Karachi's property sector as the pioneering master-planned community that brings in world-class standards in engineering and construction. Paragon Construction has been selected for the piling work for their accomplished track record in working with landmark projects."

He added: "Awarding the contract and undertaking the work also highlight our commitment to hand over properties in Crescent Bay to the customers on schedule. By working with Pakistani companies, we are also contribution to the overall socio-economic growth by creating job opportunities."

Mr Aftab Siddique of Paragon Construction said: "Emaar Pakistan's Crescent Bay is one of the most prestigious undertakings in Pakistan now, and it is our privilege to be associated with the project. We will employ cutting edge technology and tools, and execute the project as per schedule."

Emaar Pakistan has already revolutionized the construction sector in the country with the introduction of advanced technologies such as the Tunnel Form System, which helps EmaarEmaar to develop high-quality villas swiftly. The system gives higher tensile compressive strength to the walls and roof. EmaarEmaar's development capabilities have also been endorsed with the RCCI Gold Award, and the PE1 developer rating by the Pakistan Credit Rating Agency Limited (PACRA) and National Engineering Services Pakistan (Pvt) Limited (NESPAK).

Emaar Pakistan recently launched Coral, Pearl and Reef towers within Crescent Bay to overwhelming customer response. During the launch, property was offered to 850 pre-registered applicants.

Emaar PropertiesEmaar Properties has expanded to Pakistan in line with its Vision 2010 to become one of the most valuable companies in the world through geographic expansion and business segmentation. Today, Pakistan is one of the key markets for EmaarEmaar, with the country already contributing to the international revenue stream through sale of Emaar Pakistan's master-planned communities in Islamabad and Karachi.

EmaarEmaar's approach to property development is to introduce integrated communities featuring the entire spectrum of lifestyle amenities such as healthcare, education, shopping malls and hospitality & leisure. EmaarEmaar's projects in Pakistan - Highlands and Canyon Views in Islamabad and Crescent Bay in Karachi - are integrated communities that bring in a new lifestyle choice to the country.

- Ends -

About Emaar Pakistan:
Emaar Pakistan is the country subsidiary of Dubai-based Emaar PropertiesEmaar Properties PJSC, a global property developer with six business sectors, more than 60 active companies and a collective presence in over 36 markets spanning the Middle East, North Africa, Pan-Asia, Europe and North America.

Emaar Pakistan's projects of development value US$2.4 billion include the Highlands and Canyon Views, Islamabad; and Crescent Bay in Karachi. With 1,500 acres between them the two Islamabad communities - Highlands and Canyon Views - offer 9,000 luxury single-family town homes and villas in a range of architectural styles with easy access to amenities including retail centers, community club houses, parks, lakes, schools and mosques.

Crescent Bay covers 108 acres, and will include high and mid-rise towers for residential and commercial use, all replete with comprehensive amenities. A part of Karachi's DHA Phase 8, which includes the DHA Golf Course and ideal location near Karachi's central business district, Crescent Bay will also include a shopping centre as well as a 5-star beachfront hotel.

About Emaar PropertiesEmaar Properties PJSC:
Emaar PropertiesEmaar Properties PJSC is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, EmaarEmaar is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation.

Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, EmaarEmaar is developing Burj Dubai, on its way to become the world's tallest tower. EmaarEmaar's portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Algeria, Libya, India, Pakistan, China, Indonesia, the US, the UK, France and Canada.

EmaarEmaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. EmaarEmaar acquired John Laing Homes, America's second largest privately held home builder; Hamptons International, UK's premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities. EmaarEmaar has joined hands with Giorgio Armani, Accor Hotels and Premier Travel Inn to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 180 budget hotels in India.

EmaarEmaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. EmaarEmaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.

For more information, please contact:
Kelly Home / Nivine William
ASDA'A Public Relations
Tel: (+971 4) 334 4550
E-mail: k.home@asdaa.com / n.william@asdaa.com