Hashoo Group to introduce modern lifestyles in neglected urban centres

Renowned hotelier steps into residential real estate fray.

LAHORE: The Hashoo Group, a leader in the domestic hospitality industry, has formally inaugurated its sister concern, Pearl Real Estate Holdings Private Limited, which will look after the residential real estate projects of the group in the future.

The road map provided for Pear Real Estate Holdings is quite interesting: the company will not be focusing on megacities at all, as it believes that traditional urban centres have already become overcrowded. Gated communities in such cities, established by other real estate developers, are already offering a luxurious lifestyle for those who can afford it within secure environs.

Instead, the group will be focusing on cities whose residents have money to spend but are forced to migrate to larger cities in search of better living standards. Multan, Bahawalpur, Rahimyar Khan, Sukkur, Murree, Abbotabad, Faisalabad and Gujranwala are the cities earmarked by the group, in which its real estate projects are about to be kicked off, or will do so in the near future.

Such housing projects will not only include residential villas, but shopping malls, business towers, community centres, parks and entertainment areas as well. Interestingly, the group has also provisioned for five-star hotels in some select locations.

“We will provide an option for the people of smaller cities to live within their cultures, but with the amenities that accompany modern lifestyles,” said Haseeb Gardezi, CEO of Pearl Holdings, while talking to The Express Tribune. “We are sure that, with modern living standards available within their own areas, people will opt not to migrate to megacities. This will ultimately reduce the increasing burden of rural-urban migration in the future,” he added.



The real estate segment is rapidly becoming a lucrative industry, with housing needs increasing with changing social and demographic dynamics. To cover the demand-supply gap, many renowned groups are now entering the real estate market, a majority of whom have opted to make safe profits by providing luxury lifestyles to people.

The main focus of such groups has been on traditional urban centres like Karachi, Lahore, Islamabad and Peshawar. Bucking that trend, the Hashoo Group wishes to target relatively smaller cities which have their own importance, economically and socially, but which have been neglected as regards to high-end real estate development.

The Pearl City project has already been initiated in Multan, in which the company has invested Rs5 billion so far, while overall investment will come to around Rs15 billion by completion. Spread over 50 acres, the project will include a hotel, shopping mall, community centre, entertainment areas, 330 villas and a business tower. “We are focusing on generating economic activities within the premises of the project, so that the overall economy of the city can also improve,” Gardezi added.

Surveys are being conducted for the rest of the cities, and paperwork has been initiated in some cases. The company is committed to providing similar facilities to all cities, but will modify its plans according to individual needs. For instance, if the company constructs a hotel in Multan, it may skip this option in Bahawalpur and Sukkur, as these cities do not particularly need five-star hotels right now. The company may instead focus more on housing units for these cities. On the other hand, as in the case of Murree and Abbotabad, the company may focus more on hotels and shopping malls, as these cities are traditional tourist destinations.

“Our main concern is to deliver on our commitments to the people. The Hashoo Group is not a small group, and minor mistakes on our part will hurt its prestige. Therefore, it is important to us that we deliver what we promise,” Gardezi said.

Published in The Express Tribune, May 7^th, 2013.

Like Business on Facebook to stay informed and join in the conversation.