CPIC to Invest over 1.5 B$ in Islamabad’s Real Estate Sector.
The award-winning international real estate developer, China Pakistan Investment Corporation (CPIC) while responding to the Prime Minister’s call for the overseas diaspora of the country, has made a major investment with the acquisition of 27 million sq. ft. in Islamabad.
According to details, the leading international developer CPIC Global jas acquired the land in the federal capital under their new luxury property brand Diyár Homes as the company eyes expansion into Pakistan’s top tier cities. “The acquisition comes as the group looks to cement their position as the leading developer for overseas Pakistanis by expanding their land bank in Pakistan’s most prime locations,” the CPIC spokesperson said in a statement. Under the vision of Prime Minister Imran Khan, the CPIC under the Diyár Homes banner is set to develop the first-ever resort-style master community for overseas Pakistanis, and for that, they carefully selected the capital as the key location to introduce this first of its kind development, the spokesperson further said. Due to very stringent criteria and a dire shortage of large parcels of land in the capital, the CPIC had been on the hunt for three years assessing no less than two dozen parcels of land before finalizing the acquisition. “We had 72 point criteria ranging from accessibility, infrastructure, utilities and natural landscape to ownership status, which made it extremely difficult to acquire the type of land we were looking for whilst staying within the groups’ ethos of pioneering trust, transparency, and sincerity to Pakistan’s real estate market,” the spokesperson said. “Ultimately we found the perfect piece of land located in a stunning hillside setting whilst being within touching distance of the capital and most importantly with clean ownership title. It is a mega acquisition by any measure and a huge vote of confidence in Islamabad, one of the world’s most buoyant real estate markets,” said the CPIC spokesperson. The project has been designed in line with Prime Minister Imran Khan’s vision of outreach to the Overseas Pakistani diaspora and attracting Foreign Direct Investment into Pakistan. “The overseas Pakistani diaspora is a mega asset to Pakistan, it is amongst the strongest diasporas in the world with over 8 Million living and working abroad,” the statement said. A present demand is less than supply but no city in the country is immune from load-shedding and fluctuation, he maintained.