Let the good times roll! The KSE is rocketing north once more, foreign exchange remittances by Pakistanis abroad are hitting all time highs and property deals are happening left, right and center. The Pakistani economy is booming, baby!
I was thrilled to see a recent announcement by the much respected Defence Housing Authority, Lahore, concerning their partnering with the now-famous UAE based property development group, Hydra. They are embarking on a massive undertaking that will contribute positively to Lahore’s rapid development, and to jobs and economic opportunities in the city.
The two groups will be developing a nearly 50-acre commercial cum residential area with 17 high-rise office buildings from 29 to 42 stories tall, a 21-story five-star hotel, a massive mall and thousands of apartments. Parks, roads and a commercial area will round out the project.
“A central feature of Time Square will be a tree-lined retail avenue with food and beverage outlets and small bazaars. The joint-venture plans to build a luxury hotel complex with 600 rooms in the third phase and to add a seven-floor shopping mall in the final phase. Pal Group expects to pay for the project using its own funds and by pre-selling some of the units and borrowing from banks, he said.”
More on the Hydra Properties website.