The project is currently in planning stages and will launch next year
International land developer CPIC, has made a major investment with the acquisition of 27 million square feet land in Islamabad under the banner of new luxury property brand Diyár Homes. The project will especially look to attract the overseas Pakistanis. The project which is currently in planning stages is expected to have a gross development value in excess of US$1.5 billion and will be launched in 2021.
“The acquisition comes as the group looks to cement their position as the leading developer for overseas Pakistanis by expanding their land bank in Pakistan’s most prime locations,” the CPIC said in a statement.
The company aims to bring foreign investment in Pakistan through this project on the lines of the Prime Minister Imran Khan. There are over 8 million Pakistanis living abroad. The company has spent years in ensuring it gets the land of its liking for the project. The company said it decided upon the land based on a 72 point criteria.
“We had a 72-point criterion ranging from accessibility, infrastructure, utilities and natural landscape to ownership status, which made it extremely difficult to acquire the type of land we were looking for whilst staying within the group’s ethos of pioneering trust, transparency and sincerity to Pakistan’s real estate market,” the CPIC said.
“Ultimately we found the perfect piece of land located in a stunning hillside setting whilst being within touching distance of the capital and most importantly with clean ownership title. It is a mega acquisition by any measure and a huge vote of confidence in Islamabad, one of the world’s most buoyant real estate markets.” the CPIC added.
Islamabad is one of the most planned cities in the world. However, as the city expands, there is a dire need to good quality accommodation for the masses. People looking to indulge into luxury living can certainly benefit from projects such as this.