ABAD talks: Foreign investment due in real estate sector

About 100 housing projects in Karachi within 4 months.

KARACHI:

Foreign companies are going to invest around $100 million in the housing and construction sector in Karachi, according to Association of Builders and Developers of Pakistan (ABAD) Chairman Mohsin Sheikhani.

Addressing a press briefing on Wednesday, he said about 100 housing projects will be launched in the city within the next four months.

Sheikhani also unveiled the plan for the upcoming international expo, which will be organised by ABAD at the Karachi Expo Centre on August 12-14.

“A number of mega projects will be rolled out during the expo, as around 50 foreign companies are expected to participate,” Sheikhani added.

Responding to a question, the ABAD chairman said the blueprint for the low-cost housing scheme is awaiting the prime minister’s approval and will likely be launched in a couple of months.

Speaking on the occasion, ABAD Southern Region Chairman Haris Mithani said the expo will provide the construction and allied industries with an enabling environment and create better business-to-business and business-to-customers contacts. “Local builders and companies have been invited to showcase their projects, products and services to highlight the true potential of Pakistan’s building and construction industry,’ Mithani said.

He noted the three-day exhibition will feature the display of existing projects, new project launches and information stalls from public-sector bodies along with an array of exhibits from machinery, tools, equipment and allied products.

Commenting on the macro-economic implications of the event, ABAD Senior Vice Chairman Salim Patel said the expo will highlight issues being faced by the construction industry that constitutes a significant share within the large-scale manufacturing sector of the gross domestic product (GDP).

“It’s a pity that while the share of construction in the GDP is around 13.5% globally, it constitutes around 3% in the case of Pakistan,” Patel said.

The ABAD expo will feature seminars and interactive sessions designed to inform delegates and visitors about current issues in the construction industry, he said.

These sessions will be on the role of the construction industry in the national economy, emerging trends in mortgage finance, low-cost housing, urban planning, and the art of modern architecture.

The expo will showcase projects from local and foreign builders.

According to Sheikhani, the local industry has the resources and skills to set up low-cost housing projects that are more cost-effective than comparable housing developed in other countries.

Published in The Express Tribune, May 15^th, 2014.

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