The Egyptian billionaire Naguib Sawiris will develop a $2 billion worth housing estate in Islamabad. As per the sources, Naguib’s Ora developers will start work on this real estate by next month.
Sawiris previously launched Mobilink in Pakistan, the first telecom company in the country. Now Naguib is planning to set up a $2 billion worth housing estate in the suburbs of Islamabad.
Egyptian billionaire said, “Today we have shown a wonderful masterplan for a development which I believe will revolutionize 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.”
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The name of this mega project is ‘Eighteen Islamabad’. There will be around 1000 homes, 2.25 million square meters of the land mall, a golf course and much more. This project is being developed at the south-west of downtown Islamabad, 18th District.
The prices of homes as per reported are that for a three bedroom house the price is PKR 30.5 million. In the first two years of this project, an investment of around $400 million is expected as confirmed by the chief executive officer Tarek Hamdy.
Tarek claimed that in six years time this project will be completed. He said, “The market isn’t saturated. You can develop a project at very reasonable margins” between 10 to 40 percent. The highest quality still makes money.”
The CEO said, “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.”