KARACHI FINANCIAL TOWERS

Raising head to crown I.I.Chundrigar Road

AMANULLAH BASHAR
Apr 09 - 15, 2007

Karachi Financial Towers, with their exciting features, are coming up on the landscape of Karachi, specifically at I.I. Chundrigar Road to turn this commercial hub into a financial district in the real sense.

The glass wrapped Financial Towers; each having 37 floors will be connected with a three-floored glass sky-bridge comprising of exceptional amenities to provide a dream location to the local and international financial players.

According to Sheikh Tariq Bin Faisal Al-Qassimi, the chairman of the project, enquiries from Pakistan, Middle East and European countries are coming up endlessly for acquisition of space in these towers. A considerable space has already been booked by local and foreign investors.

Shaikh Tariq told PAGE that actually this is the beginning as the group is also endeavoring to acquire land from Pakistan Railways on I.I. Chundrigar road to develop of more projects of the same stature.

In fact, the construction of these towers would take three years to complete with a vision to turn this ideal location into the first financial district of international standards.

The building plan is a model of perfection with the expertise and proficiency of highly qualified and competent architects who have put precision and dignity in every step of its construction, said Mazharul Haq, the CEO of the project. Actually it would be the first project on a master planned site of 1.5 acres acquired from Pakistan Railways, he added.

Approximately each floor of the financial towers would cost around Rs260 and out of the total floors 64 would be allocated for commercial purposes.

When asked what measures have been taken to facilitate the visitors with an easy access especially in the face of growing traffic congestion and parking which has become a real problem on this busy road, he said with a smile on his face that the city government was already on it and by the time the project comes up, the traffic flow on this road would be streamlined in a proper manner. Actually I.I. Chundrigar Road would be used for one-way traffic only in future while adjacent Queens Road is also being developed simultaneously for the return journey. In fact, the traffic would move on I.I. Chundrigar Road and the Queens road in a circular way to ensure smooth movement of the traffic. As far as parking was concerned special arrangements are being made for addressing the parking issue and the Financial Towers would provide parking space at least to 1850 cars.

The towers are designed to facilitate easy access to the building, providing convenience and accessibility in numerous ways. Ample space is available for saleable areas. Retail has been allotted on area, which stretches up to 60,000 sq ft. An area of 1.03 million sq ft is reserved for offices. From the 5th floor to the 29th floor the area is 16505 sq ft per floor. The sky bridge also has an area of 16505 sq ft per floor. From the 30th floor to the 36th floor the area expands to 17205 sq ft per floor. The tallest building Pakistan on completion, the Karachi Financial Towers will consist of a three -floored glass bridge connecting both towers. The towers will also have express lifts for swift traveling between floors backed by uninterrupted power supply.

BUILDERS

ENSHAANLC is a joint venture of ENSHAA HOLDINGS LTD and NLC Developers (PVT) Limited (NDLP). Together, they are bringing to Karachi a whole new dimension of architectural marvel known as Karachi Financial Towers, which is all set to bring in a paradigm shift to construction in Karachi.

The partners of the joint venture are including National Logistic Corporation, Emirates Investment Group LLC (EIG) and ABRAAJ CAPITAL LTD.

The National Logistic Corporation owns NDPL, Rawalpindi (NLC) formed by the government of Pakistan mainly for providing uninterrupted logistic facilities in the country. It is also engaging din construction activities, mainly in infrastructure rehabilitation and is also working on numerous real estate development projects simultaneously in Karachi, Lahore and Islamabad. NLC is a financially independent, Multidimensional organization, which is on its way to become a modern, flexible and sophisticated logistics services provider in Asia.

Emirates Investment Group LLLC is a leading investment company in the UAE. EIG has strategic investment in property development and financial services sector in the Middle East and Asia Pacific regions. The dynamic investment group sources unique business development opportunities and works closely with established companies through partnership in finance and real estate. Its current real estate investment include Emirates International Holdings, Palazzo Versace Gold Coast, Palazzo Versace Dubai, Emirates Financial Tower Ltd, White Bay etc.

Abraaj Capital Limited is a premier investment firm that specializes in private equity investments in the Middle East, institutionalizing private equity practice in the region and is setting trends. It is the first pure private equity firm to be registered by Dubai Financial Services Authority DFSA to operate out of Dubai International Financial Center (DIFC) and also the first to provide a range of financial services including managing assets in and from the DIFC.