The leader of the incumbent government, Prime Minister Imran Khan has always appreciated the support of overseas Pakistanis who send billions of dollars in remittances. Various initiatives have been launched by the government to facilitate them with transactions, buying assets etc. The new initiative to be launched by the government to provide them with better residential units, a residential project for overseas Pakistanis will soon come into action.
This blog is an all-you-need-to-know guide for this development project and if you are an overseas Pakistani settled anywhere in the world, you must read this.
About Residential Project For Overseas Pakistanis
The Government of Pakistan in 2020 launched Roshan Digital Account, an initiative through which overseas Pakistanis residing all across the world can make investments in Pakistan and use all digital banking and payment facilities. The initiative was very well received and thousands of non-Pakistani residents opened RDAs to avail the services offered and millions of dollars were invested in the Naya Pakistan Certificates (NPCs) through this initiative.
So far, Roshan Apna Ghar, Roshan Apni Car and Roshan Samaaji Khidmat initiatives have been launched for Roshan Digital Account holders.
This particular initiative of the government to build a residential project for overseas Pakistanis is also being launched under the Roshan Digital Account. The government is banking on attracting billions in investment from various clusters of Pakistanis settled abroad in dozens of countries. The project has been named Park Enclave Heights (Overseas Enclave).
According to the plans, this will be a state-of-the-art and revolutionary project that will be developed in the capital city of Pakistan according to the international standards of construction following the best practices of world-famous architects and designers.
Location Of Park Enclave Heights (Overseas Enclave)
Overseas Pakistanis are an important asset of the country and the currency they send back home in the form of remittances make up a big chunk of the foreign currency reserves of Pakistan. To recognize their efforts and provide them with the contemporary residential investment option back home, the project is being developed in Islamabad.
Park Enclave Heights will be launched at Park Road, Zone-4 which will only be a few minutes away from the Central Business District in Islamabad and the new international airport in the city. Through a network of roads and transport services, everything in the city will be well within the reach of the residents.
Features Of Park Enclave Heights Apartments
Being developed on a mega-scale, the estimated cost of the project is USD 700 million and will be executed through Capital Development Authority (CDA) and Islamabad Development Fund Limited (IDFL). The project will be completed in different phases and the first phase will include building 6,000 apartments.
The residential project for overseas Pakistanis is expected to draw an investment of USD 2 billion in remittances. The project is well facilitated and the government’s plan regarding its development reflects it. 6,000 apartments to be built will be of different sizes ranging from 970 square feet to 2,300 square feet. The inventory will include 1-bedroom apartments to 5-bedroom apartments. The project will also feature staff dormitories, building management system, security surveillance, utilities and other civic amenities to provide residents with the lifestyle they have always wanted to enjoy.
To execute this mega project, it was proposed that global marketing agencies be hired and engaged for the promotion and sale of the apartments in this project. Let’s take a look at what is the desired criteria for marketing agencies.
Criteria For Marketing Agencies
The marketing agencies hired will be responsible for marketing, promoting, selling and providing other services to overseas Pakistanis. The requirements for marketing agencies will also be given in the open advertisement which will be according to the guidelines of the Public Procurement Regulatory Authority (PPRA).
The agencies submitting the bids for the project must have established offices in at least two different locations. It is a must that they have an office in the US, Australia, New Zealand, UK or Gulf Cooperation Council. The authority will also provide the agencies with an approved application form that has to be filled by overseas Pakistanis having an RDA and will be free of cost. The same form will also be provided by the agencies on their official websites for maximum reach.
As compensation for the services of the agencies for marketing, promoting, advertising, sales and other allied services, there will be a commission of 1% of the price of every apartment sold for them.
How To Apply For Apartments
The applicants can apply for the apartments either through the marketing agencies or by directly submitting their forms to IDFL. There is a membership fee of USD 1,000 that has to be submitted through Roshan Digital Accounts (RDA) and apartments will be allotted on a first-come-first-served basis. The priority of applications will be based on the date and time of the deposit of the membership fee.
This brings us to the end of the overview of Park Enclave Heights (Overseas Enclave). For more information on this, subscribe to Zameen Newsletter and get regular updates. For other real estate investment options in Pakistan, head over to Zameen Blog now.
