National Bank of Pakistan has approved an Rs. 1.5 billion financing for Waves Singer Pakistan Limited to develop an affordable housing society in Lahore.
According to a stock filing to the Pakistan Stock Exchange (PSX), the company plans to launch a project under the brand name “Waves Enclave,” which will target the affordable housing segment of the market with an inventory of more than 1,000 apartments. This will be located at the entrance of Lahore between Thokar Niaz Baig and Allama Iqbal Town on the main Orange Metro line.
In this regard, a signing ceremony between NBP and Waves was held at Pearl Continental Hotel Lahore. This financing will kick start the development of the housing project.
Waves have been a prominent player in the home appliance market of Pakistan for almost the last five decades and are now venturing into the real estate sector.