Sindh Govt Approves Residential Project Worth 200 Billion in Korangi Creek

KARACHI: The Sindh Government has approved a proposal for the construction of a residential community in Korang Creek.

The proposal was submitted by TPL REIT Management Company and the project will be stretched over to an area of 40 acres.

According to the details, the project is expected to cost PKR 200 billion and will be offering a number of features.

TPL REIT Management Company’s CEO Ali Asgher said that it would be an innovative project in the country’s real estate industry.

He added that the project would include residential and commercial units along with several business prospects.

He further stated that the REIT would be raising funds through three sources including:

• PKR 18.35 billion from TPL REIT Fund-I, which achieved a financial close in June
• PKR 7.2 billion from TPL Properties in terms of land value under the initial asset portfolio
• PKR 11.25 billion shall be raised through eight commercial banks