**Rs 20 billion KPT real estate project unveiled
**RECORDER REPORT
KARACHI (October 12 2004): Sindh Governor Dr Ishratul Ibad Khan, Chief Minister Dr Arbab Rahim and Federal Communication Minister Babar Khan Ghauri on Monday jointly announced commencement of a Rs 20 billion joint venture in a real estate project between Qatari investor and Karachi Port Trust.
The Governor, addressing newsmen at Governor House before the presentation of the project by the KPT officials, said that under the instruction of President Pervez Musharraf all federal government offices located in Karachi have been asked to contribute their share of development work to make Karachi attractive for investment and peaceful for living.
Those who attended the briefing included Karachi Port Trust Chairman Vice Admiral Ahmed Hayat, Sindh Finance minister Sardar Ahmed, Adviser to Chief Minister on Local Government Wasim Akhtar, Adviser to Governor on Mega Projects Mumtaz Hameed, Advocate-General Kazi Khalid, Chief Secretary Sindh Aslam Sanjrani, Principal Secretary to Governor Zamin Naqvi and officers of KPT.
Ibad said that the ‘Port Tower Complex’ - a joint venture of Karachi Port Trust and Qatar Shaikh - would attract investors, beautify Karachi and provide jobs to 40,000 people for six years, and activate 137 downstream industries related with construction business.
He said that the tower would be the 10th tallest structure and architectural beauty in the world. It would be built on state-of-the-art engineering and architectural approach.
The groundbreaking of the project would take place by November-end or beginning of December 2004.
The project will be located at the Clifton beach. It will be spread over 98 acres of KPT land. Out of this, only 26.5 percent will be covered by constructed structures and 73.5 percent will be open space. The covered area will have tower and ‘expo centre’ spread over 30 acres. The tower will measure 1400 feet in height.
There will be low-rise residential complex on 30.5 acres having 74 units of 4500 sq ft each. The high-rise residential complex will be spread over 21.5 acres.
There will be two categories of units. In Category A there will be nine blocks and 450 apartments, 18 apartments at each floor. There will be 25 storeys.
In Category B, there will be three blocks. It will be a 40-storeyed building with 720 apartments. Each floor will have 18 apartments.
**The complex will have a community centre and a clubhouse.
The provision of shopping galleria and hotel. It will be spread over 15.8 acres. It will have total covered area for galleria 1,000,000 sq ft and covered area for hotel 675,000 sq ft**.
In a nutshell, the tower complex will cover 1,510,000 sq ft, including low-rise residential 337,500 sq ft, high-rise residential 3,210,000 sq ft and shopping galleria and hotel 1,675,000 sq ft. Total covered area would be 6,732,500 sq ft.
Giving the background and objectives of the project it was said that KPT would diversify its revenue generation resources by optimising its real estate. The ministry of Communication had approved this strategy on September 3, 2001. The board conceptually approved the project of ‘Port Tower’ on Oct 31, 2001.
Nespak was hired to conduct feasibility study.
Adm Hayat said that construction of the project would not affect Karachi Port working. However, the joint venture partners would conduct a hydrographical study regarding effects of reclamation. Clearance from Civil Aviation Authority would also be taken.
He said that all construction would be done according to international standards, with the approval of Karachi Port Trust.
Hayat said that the project would yield Rs 12.5 billion to KPT, including cost of the land.
He said that out of four portions of the project, two would be with the KPT. These would be a source of regular income to KPT. The investor from Qatar would earn from the housing complexes and other facilities.
Hayat said that the Qatari investor would initially invest four billion rupees and the rest of the cost of the project would be recovered from the commercial activity which would be undertaken by the joint venture partners.
He said that micro-financing study of the project was still under way and the price of apartments, shops and other facilities which would be sold out have not yet been worked out.
He said, “We cannot go into the micro-finance details of the project at this moment but the working would be done to facilitate common men. Prices of flats have not been fixed and these would be announced later on.”
The complex has taken care of proper water supply, sewer disposal and parking needs.
Hayat said that this project would be in addition to other seven projects which would be initiated in Karachi.
These are: four underpasses, Mai Kolachi Road-Submarine Chawk, with three underpasses, Port Flyover at Hino Chawk, Korangi, M. A. Jinnah Road from Jinnah Flyover to Keamari, M T Khan Road from PIDC House to Jinnah Flyover, two desalination plants (Manora and Keamari), Port Jet (Fountain) Keamari groyna, and Cargo Village spread over 550 acres.
Federal Communication Minister Babar Khan Ghori said that he would ensure that all departments under his ministries contribute their share of work in making Sindh prosperous.
**Chief Minister Dr Arbab Rahimn said that the coalition government was functioning well and there was co-operation among the minister of the provincial government and the federal government on a scale never seen before.
He said that the City District Government Karachi had its role but any interference from the CDGK would be dealt with appropriately as the CDGs were under the control of the provincial government.**
is that true?
