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Sun, Dec 22, 2024 | Jumada al-Aakhirah 21, 1446 | DXB
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Diyar plans $30m waterfront development in Lahore
Islamabad - Lahore has undergone a massive transformation in recent years with over $10 billion of inward investment
Real estate prices in the downtown area of Laore have grown circa 50 per cent in the last five years alone with a boom in high rise development. — File photo
The UAE real estate company Diyar is aiming to foray into downtown Lahore with the acquisition of a $30 million super prime waterfront development.
“We have been eying Lahore’s prime real estate market for the last 24 months, patiently waiting for the right opportunity. We look forward to delivering a world class scheme that will set a new standard in Pakistan’s luxury real estate segment synonymous with our brand,” an official for Diyar said in a statement.
Under the vision of Prime Minister Imran Khan, Diyar Homes are setting a new standard in Pakistan’s real estate industry by delivering world class luxury real estate leveraging their global expertise whilst for the first time bringing the world’s leading consultants from the engineering, design and architecture world to Pakistan.
“Overseas Pakistani’s have always been at the bottom of the priority list for developers, however for us they’re top of the priority list. We design tailor made luxury real estate for overseas Pakistani’s and set new standards in the countries real estate industry whilst doing it,” the official at Diyar Homes said.
Lahore has undergone a massive transformation in recent years with over $10 billion of inward investment, the city’s population has grown over 48 per cent in the last decade, GDP is showing robust growth and is projected to cross $100 billion by 2025.
Due to these factors’ real estate prices in the downtown area have grown circa 50 per cent in the last five years alone with a boom in high rise development. With the government recently announcing ‘Lahore Prime’ a $20 Billion brand new Central Business District (CBD) which would be Pakistan’s first purpose-built CBD the cities growth trajectory will be expedited in the years ahead.
“There is no other city like Lahore in Pakistan today in terms of modern infrastructure, lifestyle and entertainment. And surprisingly compared to other major cities in the country Lahore’s real estate is highly under-valued.
In Karachi super prime high rise residential real estate ranges from Rs40,000–Rs55,000 per square foot, comparable developments in Lahore are in the Rs28,000–Rs32,000 per square foot range showing tremendous upside potential in the coming years. The city has always been the cultural and lifestyle heart of Pakistan, serving as an urban centre for Punjab and we are now seeing it also cement its position as the countries business hub with the governments continued investment. Lahore without a shadow of a doubt presents the most lucrative investment opportunity in Pakistan today,” the official said.
The statement added that the overseas Pakistanis send back almost $40 billion a year to Pakistan and Prime Minister Imran Khan is rightly focusing on increasing engagement with the overseas diaspora.
“Diyar Homes will bring the best of uber-luxury modern living to Pakistan and give the overseas Pakistani diaspora a deserving home within their motherland, tailored to an international lifestyle, needs and requirements,” the official concluded. — APP
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