Tuesday, Aug 14, 2007
The Dubai-based real estate giant has many projects planned in Pakistan's financial capital.
Ask any Pakistani and they'll tell you that Karachi is where the country lives. It's the city of lights, the pulse of the nation, the financial hub, the commercial centre and the main port to all the land-locked countries beyond Pakistan, in the hinterland of Asia. They'll also tell you that it's a vibrant city that reflects, in all its complexity, the immense potential of the nation.
An author once described it as a 'city of people, not of places,' and he was right. It's not the most well kept city in the country that distinction goes to Islamabad but it is the city of dreams.
It's the place hoards flock to every day in the hopes that they will build a new home with a new life, where they will prosper. That's the verve that Emaar wanted to capture when it announced the Crescent Bay project in the Defence Housing Authority (DHA) Phase 8 in the seaside city.
Real estate catalyst
Spread across 108 acres of reclaimed land, the gated and secure community is one of many that have been announced in the city. The only difference is, Crescent Bay is owned by Dubai-based real estate developers Emaar and promises so much more than just a home complete with the best fittings it offers an entire lifestyle.
"With three master-planned communities already announced in Islamabad and Karachi, Emaar Pakistan is underpinning the importance of these projects as catalysts for the local economy," says Mohammad Al Falasi, Managing Director of Emaar Pakistan. "For Emaar, it has always been crucial that all of its projects add value to living not only to its residents and tenants but also to the larger society."
Speaking about the reasons for Emaar's expansion in Pakistan, Al Falasi adds, "For me, Pakistan is a new market but the potential offered by this emerging economy has always been of interest, particularly because of our large Pakistani expatriate clientele in Dubai."
The phrase 'emerging market' is truly indicative of Pakistan at the start of this millennium. Not only have all eyes turned to the South Asian nation for its export abilities and the extensive possibilities that it offers, but internally there has also been a renewed level of enthusiasm about the economy.
"Pakistan has one of the fastest growing economies in the region and its potential remains under-utilised. However, from the perspective of property development, Emaar has realised that Pakistan needs innovative solutions," says Al Falasi, speaking on behalf of Emaar's view of the South Asian country.
Spotting potential
The frantic, break-neck speed at which the city has developed has become a characterising feature for the city, but it has also meant a stagnation of ideas and the replication of a certain kind of property development.
In recent years, the DHA, which owned much of the 'suburban' land in Karachi, began to sell blocks of it to developers, starting with the area dubbed Phase 1. Now on Phase 8, the DHA has become an upscale neighbourhood with its own lifeline. This is where Emaar saw potential to present their concept of living.
Four thousand residential apartments in high and mid-rise towers are currently under construction, with each tower sporting its own architectural style and ambience.
Close to the DHA golf course and sporting its own shopping mall, the development is to be used for commercial as well as residential purposes. 20 per cent of the covered area has been pledged to greenery, parks and landscaping, making it one of few developments that aim to offer a lifestyle outside of the home.
A five-star, beachfront hotel will cap the project, staying true to the developer's commitment to bringing value to life, not only for its tenants, but also for the society at large. Planned by master planners Halcrow International alongside architects Norr and Holford, Crescent Bay is just the first of many more projects that are slated for Pakistan.
Indicating strong ties
Along with the two developments in Islamabad, Emaar's investments in the country total a whopping $2.5 billion (about Dh9.18 billion), more than half of the UAE's consolidated investments in the developing nation. Not only does this indicate strong ties between the two Islamic countries, it also shows a deep faith in Pakistan's growing economy and the heights it will scale.
Mohammad Ali Al Abbar, CEO, Emaar Properties, commented on the expansion in Pakistan to say, "Pakistan will play an important role in the development of Emaar's reputation in Asia, and remains one of our most significant commitments outside of the UAE."
More recently, Emaar has also secured a Memorandum of Understanding with Karachi's Port Qasim to create a mixed-use development in the area. The challenge still remains to stand apart from the herd and to offer upwardly mobile citizens, in Pakistan and abroad, a spectrum of services and amenities that are yet to be offered in the country.
A task that shouldn't be too difficult for a company that has painstakingly built itself a reputation for offering innovative solutions of self-contained, amenity-rich communities which create a mass of lifestyle options. In all, Pakistan's most lively city is set to see much more of Emaar and this stands as a testament to the company's great vision for the future as well as Pakistan's prosperity being unveiled to the world.
By Reshma Mehra
Gulf News 2007. All rights reserved.
