Capital plans housing project for expats

ISLAMABAD:

The Capital Development Authority (CDA) is set to launch a new international-standard residential project aimed at overseas Pakistanis, located at the scenic foothills of the Margalla Hills in Sector E-11. An international transaction advisory firm will be hired soon, following an advertisement for the selection process.

According to sources, the proposed project will feature 2,000 luxury apartments exclusively available to overseas Pakistanis, and it is estimated to cost around Rs70 billion. It will be developed as a joint venture, ensuring the preservation of the natural beauty of the area while enhancing Islamabad's reputation as a green and clean city.

Work on the project design has already commenced, with completion anticipated within four years. The CDA will provide the land for the project, while the financial benefits will accrue to the authority through this partnership. The development will adhere to international standards, positioning it as a unique residential offering not just for the federal capital but for all of Pakistan.

Talking to The Express Tribune, a senior CDA official highlighted that two additional projects for overseas Pakistanis are already underway: a state-of-the-art Overseas Pakistanis Club in Islamabad and a residential project near the Korang River, which aims to clean the river and promote fish breeding, enhancing the local environment.

In addressing concerns, the official noted that the CDA is now focused on providing residential and recreational facilities for overseas Pakistanis, responding to past issues of fraud and land encroachments faced by those investing in private societies. Supported by Prime Minister Shehbaz Sharif, the CDA aims to create a secure investment environment for overseas Pakistanis.

The official also mentioned that the CDA plans to undertake most residential projects on a joint venture basis to conserve financial resources for other developments, including the construction of eight underpasses and various other projects. Work on two underpasses near Serena Hotel and along Kashmir Highway is set to begin immediately after the Shanghai Conference on October 15.