Documents signed with Waves Singer: NBP okays Rs1,500m financing for housing project

KARACHI: The National Bank of Pakistan (NBP) has approved financing of Rs 1,500 million for an affordable housing project being developed by Waves Singer Pakistan Limited.

According to material information sent to the Pakistan Stock Exchange on Monday, a ceremony at which documents were signed by NBP and Waves in this regard was held at a hotel in Lahore.

With a commitment of Rs 1,500 million, NBP will be one of the largest financiers of the project, the information provided revealed. The NBP is also the mandated lead adviser and arranger for the upcoming syndicated finance facility to further develop the project.

This financing shows that NBP is playing an active role when it comes to supporting the development of the real estate sector in the country.

Waves has been a prominent player in the country’s home appliance market for almost five decades and is now venturing into the real estate sector. This financing will kick-start the development of the housing project.

The modern project is being launched under the brand name of “Waves Enclave” and will target affordable housing segment of the market with an inventory of more than 1,000 apartments. It will be located at the entrance of Lahore, between Thokar Niaz Baig and Allama Iqbal Town on the main Orange Metro Line.

Well-known architects and consultants have been hired for the project and it is in the process of acquiring the required approvals. Its formal launch is expected in the second half of the year, the information provided said.

Copyright Business Recorder, 2022