{"id":630997,"date":"2018-03-07T04:32:47","date_gmt":"2018-03-07T04:32:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/07\/sawiris-pakistani-real-estate-venture-to-break-ground-on-usd-2-bn-development-in-islamabad-next-month\/"},"modified":"2018-03-07T04:32:47","modified_gmt":"2018-03-07T04:32:47","slug":"sawiris-pakistani-real-estate-venture-to-break-ground-on-usd-2-bn-development-in-islamabad-next-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/07\/sawiris-pakistani-real-estate-venture-to-break-ground-on-usd-2-bn-development-in-islamabad-next-month\/","title":{"rendered":"Sawiris\u2019 Pakistani real estate venture to break ground on USD 2 bn development in Islamabad next month"},"content":{"rendered":"

<\/a> Naguib Sawiris\u2019 Pakistani real estate business Ora Developers will begin constructing a USD 2 bn residential project on the outskirts of Islamabad next month<\/strong>, project CEO Tarek Hamdy tells Bloomberg in an interview<\/a>. \u201cThe \u2018Eighteen Islamabad\u2019 development will feature more than 1,000 homes, a golf course and a mall on 2.25 mn sqm of land. It will take six years to complete,\u201d according to Hamdy. He added that the company will invest USD 400 mn in the project in the first two years and expects to see \u201cvery reasonable margins\u201d of 10-40%. Three-bedroom units at Eighteen Islamabad will start retailing at USD 275.4k.<\/p>\n

Ora Developers expects to announce new real estate projects by year\u2019s end. <\/strong>The company \u2014 a joint venture in which Sawiris owns 60% with Pakistan\u2019s Kohistan Builders and Developers and Saif Group holding the balance \u2014 hopes to tap into the country\u2019s booming real estate sector, which has seen substantial growth \u201cin recent years as militant violence receded.\u201d Hamdy says that \u201coverseas Pakistanis particularly in the US, UK, and Middle East [are] major buyers.\u201d BMI Research finds that \u201ca shortage of housing units will boost construction activity in Pakistan as the urban population grows by nearly 30 mn by 2027,\u201d according to Bloomberg.<\/p>\n","protected":false},"excerpt":{"rendered":"

Naguib Sawiris\u2019 Pakistani real estate business Ora Developers will begin constructing a USD 2 bn residential project on the outskirts of Islamabad next month, project CEO Tarek Hamdy tells Bloomberg in an interview. \u201cThe \u2018Eighteen Islamabad\u2019 development will feature more than 1,000 homes, a golf course and a mall on 2.25 mn sqm of land. 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