100-housing projects of $100m worth are in stream

[Salman]

100-housing projects of $100m worth are in stream

Thursday, May 15, 2014 - Karachi—Foreign investment worth $100 million is in the pipeline especially in property development in Karachi, a strong sign of economic rebounce in Pakistan. Accordingly some 100 housing projects would be launched in Karachi within next four months as a couple of foreign companies have expressed their interest to invest around $100 million in the housing and construction sector in the city.

Chairman of the Association of Builders and Developers of Pakistan (ABAD) Mohsin Sheikhani in a media briefing said that ABAD is going to organize an international expo at Karachi Expo Centre from August 12-14this year. ‘A number of mega projects will be rolled out during this expo as around 50 foreign companies are expected to participate. A couple of foreign companies have already expressed their intention to invest around $100 million in the housing and construction sector in Karachi which will culminate in the launching of some 100 housing projects within next four months in the city,’ added Sheikhani.

”Responding to a question of media The ABAD Chairman said “the blueprint of the low-cost housing scheme is waiting Prime Minister’s approval and likely to be launched in a couple of months, and ABAD is fully support this initiative of the Prime Minister Mr. Nawaz Sharif and offer its platform to roll out this project in the interest of the common people of the country.”

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