Pakistan’s real estate developer TPL Properties Limited announced on Monday that it has acquired 40 acres of land in Karachi for the development of mixed-use real estate.
“We are pleased to announce that the company has completed the acquisition of 40 acres of land, located in Korangi Cantonment, adjacent to the Korangi Creek in Karachi through a 100% owned special purpose vehicle (SPV),” said the company in its filing to the Pakistan Stock Exchange (PSX).
TPL said that it will the real estate development is being pursued with the support of a leading international firm SSH.
“It is being designed within an environmental sustainability framework, aligned to the company’s focus of delivering on UN Sustainability Development Goals (SDGs),” it added.
Back in November, TPL Properties announced to build a Technology Park in Karachi, which will be the first of its kind of such scale in the province of Sindh.
“We are pleased to announce that the Company, through its wholly-owned subsidiary, has entered into an agreement to sell dated 10th November 2020, for the purchase of Plot No. 25-B, measuring 10,002 Square Yards, situated at Sector 30, Korangi Industrial Area, Karachi,” informed TPL Properties in a statement on Wednesday.
The company informed that after the completion of the due diligence process, the company shall execute the Sale Deed and obtain possession within three months of the signing of the Agreement to Sell.
“The company plans to use this property to develop a technology park. The technology park will be the first of its kind of such scale in the province of Sindh, with high-end technology facilities."
TPL said that the project shall provide platform to several IT sector companies across Pakistan, while adding that the timeline for the completion of the project is anticipated to be two years which includes planning and designing phase.