Karachi: Arif Habib Dolmen Real Estate Investment Trust (REIT) REIT Management CEO Muhammad Ejaz said that his firm will soon launch four REITs in addition to the two schemes launched earlier this month, news sources reported. The Arif Habib Dolmen REIT is the county’s first REIT company created and successfully developed and delivered Dolmen Mall in 2015.
However, due to changes and uncertainty in tax laws in prior years, the country’s REITs have kept their investment in the real estate market low. Mr Ejaz, on the other hand, stated that recent policy reforms by the government and the State Bank of Pakistan (SBP) have encouraged REITs to launch new initiatives.
Recently, the Arif Habib Dolmen, along with five other companies, including Yunus Brothers, Arif Habib Group, Liberty Group, and Fatima Group, participated in the Silk Islamic Development REIT, which is investing PKR 3 billion in Karachi’s Surjani Town in a low-cost housing project on a 60-acre plot of land.
When completed, the project is expected to develop and sell 12,000 two and three-bed-plus-lounge residential apartments. The apartments will be sold on 4 year easy instalments and the project is expected to start selling its inventory 18 months from now.
The second REIT of Mehmood Trunkwala’s World Group will be developed on an 86-acre plot of land, and 600 low-cost residential units that will be offered through the Naya Pakistan Housing Project (NPHP).
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
