KARACHI: International Hospitality Investment Group (IHIG) Pakistan - a subsidiary of IHIG UK - has announced expansion of its portfolio to build shopping malls, with the fractional ownership system in Pakistan. According to an announcement by the Group, the first project under its real estate division is in the heart of Karachi as a part of IHIG's investment expansion plans in Pakistan.
As part of its commitment to invest $118 million in Pakistan, IHIG Pakistan has made significant investments across Pakistan and offers business investment opportunities to Pakistani investors in business division; shopping malls, real estate, destination hotels, resort exchange program, and tourism sectors. However IHIG believes this investment amount can be increased up to $150 Million.
Explaining the concept, IHIG Pakistan chairman Alun Richards said the fractional ownership system, though new in Pakistan, is in business all over the globe successfully, particularly in the destination countries. It is a form of collaborative consumption where the overall cost of a property is spilt among a group of owners or users, he added.
Noor ul Asif, IHIG CEO Pakistan said Pakistan is a country full of business potential and opportunities, and we, at IHIG Pakistan, are here with the vision providing our people to explore them, with maximum returns and minimum risk involved.
Copyright Business Recorder, 2020
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