They said that the same housing schemes will be launched in other big cities of the country after the completion of the Eighteen Islamabad. The $2 billion real estate project is a partnership between Ora Developers of Egypt and Saif Group, in conjunction with Kohistan Builders and Developers. The partners unveiled the branding and confirmed the date of the commercial launch as January 18, 2018.
Eighteen is a 2.77 million sq yards (2.2 million sq meters) gated community being developed in the 18th District, to the south-west of downtown Islamabad. It offers the highest quality of design and construction, which will set new standards for Pakistani real estate.
At the announcement Chairman Ora Developers Naguib Sawiris commented, "Today we have shown a wonderful master plan for a development which I believe will revolutionise real estate projects in Pakistan. Ora, working with these highly respected partners, will be creating a new lifestyle destination in a world-class capital city. I am very pleased to be involved with the project and very excited by what we will achieve."
Eighteen Islamabad has been designed around a championship golf course and will consist of 1100 villas and 900 apartments as well as an iconic Golf Clubhouse, a shopping mall, 5-star boutique hotel, medical facilities and a business district.
The master plan was conceptualised by collision RTKL and developed by renowned architects and urban planners WATG of America. The unique and challenging golf course has been designed by IDG in the UK. The project is being led by CEO Tarek Hamdy, who explained why the scheme is so unique, saying: "All the villas and apartments have been carefully located with views over the golf course and are linked by wide parkways and open streets. The feeling is of space and privacy which will give a select group of people the homes they have always dreamt of. The amenities are second to none, delivered in a safe, secure and exclusive location."
In reply to a query about the comparison of the new housing project with existing societies, Sawiris said the local housing societies largely focus on urban and densely populated areas. "There is also no restriction of design in other societies whereas all our properties at Eighteen will follow the design guidelines set by the international architects," he said, adding that the major specialty of Eighteen would be the large portion of world-class amenities, and facilities.
"Eighteen Islamabad presents an array of luxurious living options suitable for families of all sizes. For couples, there are chic, city-style apartments, dramatically designed with wide-angle, uninterrupted views of the golf course. For larger families or those who desire more space, Eighteen offers lavish private villas. These four- and eight-kanal villas are designed in an intriguing and exclusive crescent shape. They are truly extraordinary homes," he added.
Speaking on the occasion Tarek Hamdy said the project which will use a large number of local products and resources, create at least 20,000 job opportunities for local people. Though the experienced international architects, designers and others project specialists would be supervising the construction process, local consultants, contractors, labour and machinery would be used for execution of the project, he said.
Tarek Hamdy said the price of small housing units would be in line with market prices. At least 70 per cent of the houses would be built on half kanal land. "I will promise you, with the success of this project, we will introduce medium and small houses to facilitate the middle class," he said.
Talking about expansion plans, he said, his company is looking at introducing a range of different housing projects in cities like Lahore and Karachi. "But for now we are focused on Islamabad and will officially be launching our first project, Eighteen, on January 18, 2018," he said.Tarek said, apart from local investors, the project, which will be completed in six years, would attract investment from Pakistani Diaspora, who for the investment in the project would send their disposable earning to Pakistan helping the overall remittances of the country.
Sharing the overall progress on the project, he said, the land has fully been acquired, site branding and gridding have been completed while links roads are under construction.
Ora as a major shareholder brings with it a wealth of experience covering projects in the UK, Egypt, Kazakhstan, Cyprus and Grenada, including the Nile Towers, Pier 88 and Pyramid Hills in Egypt, SilverSands in Grenada and Ayia Napa Marina in Cyprus.
At the event Sawiris was joined by Anwar Saifullah, Co-Chairman of the Saif Group, and by Malik Adeel, Chairman of Kohistan Builders & Developers, along with the management team from Eighteen Islamabad. Eighteen is just 10 minutes drive away from the new Islamabad International Airport and is the ideal development for local and overseas Pakistanis who enjoy luxury living and state-of-the-art amenities. Eighteen will be the benchmark for all future real estate projects in Pakistan.
Copyright Business Recorder, 2017