IN THIS POST
– Shortage of Hotel Apartments in Rawalpindi
– Shift from Horizontal to Vertical Developments
– Development & Beautification of Rawalpindi
There is no denying that the real estate industry in Pakistan is witnessing a massive change. High-rise buildings now dominate the skyline in cities where dwelling in detached homes was once considered a sign of prestige. The growing popularity of apartment complexes in major cities gave way to mixed-use developments featuring luxury apartments and deluxe penthouses as well as custom-built commercial units such as retail outlets, office spaces, and more recently, hotel apartments.
Considered an emerging trend in the commercial hospitality sector, buying hotel apartments is an affordable yet highly lucrative option for those seeking to diversify their portfolio. However, since the concept of these properties is still fairly new in Pakistan, only a handful of renowned developers are currently offering such units for sale.
In this regard, the state-of-the-art Mall 35 in Saddar, Rawalpindi must be lauded for setting a new milestone in the commercial real estate sector. The ground-breaking project took investors in the twin cities by storm not only because of its highly accessible location, outstanding architecture and exceptional facilities but also because it is the first and only project to feature high-end hotel apartments in Rawalpindi.
It is also important to mention that Mall 35 has been registered with the Federal Board of Revenue (FBR). This means that investors and buyers interested in purchasing property in Mall 35 will get immunity from revealing their sources of income.
The Growing Need of Hotel Apartments in Rawalpindi
Hotel or serviced apartments are fully-furnished apartments available for both short and long-term stays. These luxurious commercial units offer their residents all the extravagant facilities available in modern hotels. This includes room service, housekeeping, laundry, and concierge service. At the same time, the hotel apartments also provide them with the privacy, comfort and convenience that comes with living in a residential apartment. To put it simply, these commercial units offer the best of both worlds by merging the features of world-class hotels with the physical dimensions of residential flats.
Compared to rental apartments, which usually lack furniture and other facilities, hotel apartments come with all the value-added perks that allow one to work and relax. They are also usually double the size of regular hotel rooms. Owing to these factors, the trend of staying in serviced apartments are quickly gaining popularity among business executives travelling for work and tourists looking for fully-equipped yet comfortable accommodation options.
The need for hotel apartments in Rawalpindi is higher than in most other cities. This is because it is one of the biggest and most well-developed metropolises in Pakistan with strong socio-economic ties to Islamabad. Since Rawalpindi is located adjacent to the capital city, it is also an extremely popular stopover destination among domestic and international tourists heading north. In addition to that, most businessmen and professionals visiting Islamabad for meetings also look for high-end accommodation options that offer the additional space and privacy of residential units.
Despite being a highly beneficial and sought-after investment option, Rawalpindi was completely void of luxury hotel apartments until Zameen Developments and EBCO Constructions joined hands to develop the ultramodern complex of Mall 35. This one-of-a-kind development not only addressed the shortfall of hotel apartments in Rawalpindi but also introduced a host of other high-end real estate offerings, such as commercial outlets, food court, hypermart and office spaces.
The exquisite hotel apartments in Mall 35 are bound to give a new meaning to the concept of luxury living in Rawalpindi. The project offers suites, executive suites, and deluxe rooms that are designed to cater to the needs of all types of residents. Some of the other elements that Mall 35 a roaring success in Rawalpindi include an earth-quake resistant structure, AI-supported power conservation system, secured parking space, well-equipped health and fitness club, and fine dining restaurants, to name a few.
A Paradigm Shift from Horizontal to Vertical Developments
The popularity of high-rise developments in Pakistan has drawn the attention of foreign and domestic investors alike. At present, approximately 15% of the new residential and mixed-use schemes in major cities offer plots for sale, whereas the remaining 85% consist of apartment buildings.
This is completely in line with Prime Minister Imran Khan’s vision of vertical cities to prevent urban sprawl and conserve agricultural land. To ensure this, the Rawalpindi Development Authority (RDA) has updated the height restrictions for mid-rise and high-rise buildings in the metropolis. In 2019, the authority renewed its building and zoning regulations by implementing some of the bylaws introduced by the Lahore Development Authority (LDA) to allow the development of up to 10-storey tall buildings.
The scarcity of land, rapid urbanisation, and the skyrocketing plot prices have left developers and investors with little option but to set their sights upwards to fulfil the growing need for housing in city centres. As a result, the demand for apartments in Pakistan saw a dramatic hike.
The user behaviour observed on Zameen.com – the leading real estate portal in Pakistan – over the past two years showed the searches for apartments in the Islamabad Capital Territory increased from 15% in 2018 to 17% in 2020. Similarly, the demand for apartments among prospective buyers in Punjab rose from 15% to 17% during the same period. Moving on to the property market in Sindh, the popularity of apartments in the province saw a growth from 23% to 25% between 2018 and 2020. The search for apartments in Khyber Pakhtunkhwa also increased from 17% to 19%, painting a clear picture of the paradigm shift in real estate.
If you focus on the real estate market of Rawalpindi, which is home to the stunning Mall 35, the demand for apartments in the city grew more twofold by recording an increase of 107% between 2018 and 2020. During this period, the popularity of commercial units in the city also saw a surge of 94%, according to the data compiled on Zameen.com.
These stats paint a clear picture of the real estate investment shift to high-rise apartments. With hotel apartments being the latest addition to the landscape of vertical development, it is not surprising that investors are now focusing on this beneficial opportunity.
Buying hotel apartments in Mall 35 is also one of the safest investment options for overseas Pakistanis. Since the developer or their designated management team is responsible for taking care of all the tenant-related matters, the owners living abroad don’t have to worry about collecting the rent, maintaining the space, or having someone illegally occupy the property.
In case you are still on the fence, here is an in-depth comparison between hotel apartments and residential apartments that will hopefully answer most of your pressing questions.
The Development and Beautification of Rawalpindi
Thanks to a number of infrastructure development and beautification projects, Rawalpindi is being transformed to be on par with the immaculately designed and aesthetically pleasing city of Islamabad. As a result, the value of property in the city is expected to see a significant hike.
The Glorious Rawalpindi Project
The ‘Glorious Rawalpindi Project’ focuses on the rehabilitation of structures located on Murree Road, the oldest and longest avenue in Rawalpindi. Under this project, all of the public and private buildings along the route will be repaired and repainted to beautify the area.
Moreover, the Parks and Horticulture Authority will plant saplings along Murree Road. Additionally, authorities will also install electronic billboards to give the urban centre a clean and modern look.
Rawalpindi Master Plan 2020-40
In a bid to improve the city’s infrastructure, the Rawalpindi Development Authority has allocated PKR 600 million for the development of Rawalpindi Master Plan 2020-40. The initiative will determine the future needs of the metropolis for the next 20 years, mainly focusing on electricity and water supply system, the efficiency of sewerage and waste management system, construction of roads and parking facilities, development of residential and commercial area areas, and other related infrastructure.
Rawalpindi Ring Road Project Economic Corridor
The PKR 50 billion mega-infrastructural project of Rawalpindi Ring Road is one the biggest and most important developments in the region. The 64-kilometre highway will provide direct access to Islamabad International Airport and Lahore-Islamabad Motorway, boosting the economic activities and increasing the value of the real estate in the region.
Furthermore, the construction of this six-lane road will also divert the heavy flow of traffic in the twin cities.
You can find out more about Rawalpindi Ring Road and its nearby investment opportunities in our detailed guide on the topic.
Inclusion in Punjab Intermediate Cities Improvement Investment Programme
The Government of Punjab has also added the Rawalpindi District to the second phase of its Punjab Intermediate Cities Improvement Investment Programme (PICIIP). With an estimated budget of PKR 27 billion, this project aims to improve the quality of life in the selected cities across the province.
Construction of Underpasses and Parking Plazas
The RDA has approved the construction of three underpasses and five parking plazas in the city to ease up its heavy traffic issues. According to the news sources, the parking plazas will be developed on City Saddar Road and Ghazni Road as well as in Kacheri Chowk and Bani Market.
Development of High-Rise Buildings along Leh Expressway
The government has also allowed the development of high-rise buildings along the Leh Expressway in a bid to make it the new business centre of Rawalpindi. It is yet another major project connecting Rawalpindi and Islamabad.
To conclude, the development in Rawalpindi is directly related to the increase in real estate investment in the area – and with hotel apartments being the latest trend, the sheer absence of such units in the city was rather concerning. Luckily, Mall 35 by Zameen Development has managed to address this shortfall of serviced apartments in Rawalpindi rather successfully.
So, are you interested in buying commercial property in Mall 35? If your answer is yes, we recommend you to take immediate action as nearly 90% of the units in the luxury complex have already been sold out. This leaves the developers with a limited inventory of shops for sale in Mall 35.
To learn about the Mall 35 payment plan and investment options, please get in touch with the highly qualified real estate experts at our 24/7 Sales Centre by dialling the helpline that is 051-111-333-333.
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