Emaar's Crescent Bay Project Sold Out in Karachi

On January 31 2008, Emmar Chairman Mohamed Alabbar told Erin Burnett of CNBC that a major project in Karachi sold out within hours of its being offered for sale. The project he was referring to is Emaar's Crescent Bay Project in Karachi. Crescent Bay was launched on May 31, 2006 as part of a US$2.4 billion investment in Pakistan by Emaar.

According to Emaar, Crescent Bay is a 75-acre development featuring high- and mid-rise towers for residential and commercial use, a shopping centre and five-star beachfront hotel. The towers will contain approximately 4,000 residential apartments. Crescent Bay is located within Karachi’s DHA Phase 8 and in close proximity to the DHA golf course. Below is an artist's rendering of the completed project:


A friend of mine in Karachi reported via email as follows: "The first phase was overbooked in less than an hour of opening of the counter. Then there was balloting. Those who one were given a piece of paper. That piece of paper is already 10 times its original value.
There is no demarcation. Not even one pick ax has hit the ground. Only leaflets and pamphlets and Emmar's name sells.
It is said that one apartment presently priced at Rs 20 million will change hands much before its completion at more than twice this amount.
There are investors planning to buy a whole tower, to resell later.
One tower would on the average consist of 80 to 160 apartments. The payments would be in instalments according to phases of completion. All payments shall be strictly cash!
All this investment is on account of public enemy number 1 you know who.
The stupid fellow does not take commissions, does not have palaces in Surrey, Paris and Dubai does not own sugar and steel mills in Pakistan. What a shame.
Unless his children study in Oxford how can he feel the pain of children studying in Govt Schools? He can't even gift his wid $80K necklace to his wife paid for through a Swiss Bank issued Credit Card. Shame."

Here's a video clip about Karachi:

Comments

Riaz Haq said…
ISLAMABAD: Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key markets world-wide. Besides building residential and commercial properties, the company also has proven competences in shopping malls & retail, hospitality & leisure and financial services sectors.

Emaar Pakistan is operating two projects under its belt Canyon Views Islamabad and Crescent Bay Karachi. Canyon views Islamabad is a housing society, projecting beautifully constructed, luxurious villas based on Mediterranean designs. The community layout follows that of a village, with each village having a separate gate, parks and a community swimming pool. The community provides its customers with options of choosing from plots, mixed use commercial and apartment complexes to the sale of three different types of villas, Miradors, Prados and Almas. Canyon Views Islamabad provides its residents with a wholesome lifestyle experience complemented by serviced amenities and commercial buildings. Crescent Bay Karachi on the other hand, is a seafront wonder, entailing the construction of luxurious apartment towers along the bay of the city. It is planned to be a construction marvel for Pakistan and the world to see. The magnificence of Crescent Bay has already surfaced itself on Google Earth, making the project visible through satellite images. Emaar has gained worldwide repute for its quality under taking and innovative styles of buildings and lay outs. Taking Canyon Views forward, it is an exclusive gated community spread over 350 acres of land, accommodating over 3000 units. The community projects a mix of natural attractions combined with exceptional architecture and the finest leisure facilities. The project is serving as a benchmark in developing master-planned communities. Once completed, it shall be a commitment to our promise of providing landmark lifestyles and shall change the real estate scene in the country.

http://www.dailytimes.com.pk/business/22-Mar-2015/emaar-dha-introduce-high-end-european-styled-villas

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