Egyptian Billionaire Launches $2B Real Estate Project in Pakistan

Eighteen Islamabad### Eighteen Islamabad: A New Chapter in Pakistan’s Real Estate Landscape

Islamabad, the heart of Pakistan, is about to witness a significant boost in its real estate market with the launch of the ambitious Eighteen Islamabad project. As housing demand surges across the nation, this $2 billion venture aims to cater to the growing needs of residents in the capital and beyond.

Announced recently, this mega project is a collaborative effort between Ora Developers, an Egyptian firm, and Saif Group, a well-established Pakistani conglomerate with varied interests including textiles, energy, and now real estate. Additional support comes from Kohistan Builders and Developers, ensuring a robust foundation for this extensive development.

Spanning an impressive 2.77 million square yards, Eighteen Islamabad is not just about residences; it also promises luxurious amenities including an 18-hole golf course. The project targets upper-middle-income groups, offering over 2,000 residential units—comprising 1,068 villas of various sizes and more than 900 apartments—alongside commercial properties.

The return of Egyptian billionaire Naguib Sawiris to Pakistan is noteworthy. Known for his previous involvement in the telecom sector through Orascom Telecom, Sawiris is eager to make a mark in real estate. He expressed his surprise at the soaring property prices in Islamabad, which fuelled his decision to pivot towards real estate development. “I wanted to continue our business in Pakistan, and as we ventured out of telecom, real estate seemed like a viable path,” he remarked during a press event at Serena Hotel.

The housing crisis in Pakistan is alarming, with the World Bank estimating a shortfall of 10 million housing units. This issue is exacerbated by a continuous 2% population growth, indicating that the deficit will worsen unless addressed. Recognizing the potential for real estate investment, Sawiris has plans to extend his reach to other major cities like Karachi and Lahore. However, he faces challenges in land acquisition, which he considers a critical hurdle for the sector.

For Eighteen Islamabad, financial structuring is already underway, with 30% equity from investors and an additional 30% financing expected from major Pakistani banks. CEO Tarek Hamdy reassured that all necessary legal approvals, including no-objection certificates from the Capital Development Authority, have been secured. Buyers can look forward to ownership transfer deeds as the land is already owned by the project.

In summary, Eighteen Islamabad represents not only a significant real estate investment but also a strategic move towards addressing Pakistan’s pressing housing crisis. With its attractive offerings and the backing of international expertise, the project is set to mark a transformative phase in Islamabad’s urban landscape, offering a blend of luxury and practicality for future residents.

As the real estate landscape continues to evolve, Eighteen Islamabad stands as a beacon of hope for many, potentially reshaping the way we think about housing in Pakistan. Exciting times lie ahead for Islamabad’s property market!