Karachi: TPL REIT Management Company Limited (TPL RMC) has received approval from the Sindh government to build a residential community spanning over 40 acres in Korang Creek, news sources reported on November 08.
The gated community project will be built with an estimated budget of PKR 200 billion and will feature many mid to high-rise residential and commercial buildings. As per the initial estimates, the housing community will have 3,000 units, which will all be listed on the Pakistan Stock Exchange (PSX), where small investors would be able to buy stock. Speaking to the media, TPL REIT Management Company Chief Executive Officer (CEO) Ali Asgher said that the project will serve as an innovative solution to the country’s real estate business, which is dominated by big players and investors.
Moreover, Mr Asgher highlighted that the project has been designed by engineering consultant SSH International, and the provision of all residential and commercial amenities for the residents have been secured including; restaurants, offices, and creekside residential units. It was also announced that the REIT will initially raise funds for the project from three main sources, which include:
PKR 18.35 billion from TPL REIT Fund-I, which achieved a financial close in June
PKR 7.2 billion from TPL Properties in terms of land value under the initial asset portfolio
PKR 11.25 billion will be raised through eight commercial banks that would serve as anchor investors
It is important to recall that TPL REIT is one of the first minority stakeholder real estate investment forms that have been enlisted in PSX for small stock buyers. The company offers shares in properties and land and raises capital through stock pooling.
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.
