The National Bank of Pakistan (NBP) has approved financing of Rs1,500 million for an "affordable housing project" being developed by Waves Singer Pakistan Limited.

“With a commitment of Rs1,500 million, NBP will be one of the largest financiers of the project,” read a notice sent to the Pakistan Stock Exchange (PSX) on Monday.

Waves, which has been a prominent player in the home appliance market of Pakistan for almost 50 years, announced venturing into the real estate sector in 2020.

The company said it held a signing ceremony with NBP on the project and that the NBP is also the mandated lead advisor and arranger for the upcoming syndicated finance facility to further develop the project.

“This financing represents the active role NBP is playing to support the development of the real estate sector in Pakistan,” read the notice, adding that the financing will kickstart the development of the housing project.

Pakistan’s home appliances manufacturer enters into house building, real estate

The project is being launched under the brand name 'Waves Enclave' and 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. Waves is in the process of getting required approvals. A formal launch is expected in the later half of this year.