MEGA REAL ESTATE PROJECTS SET THE WHEEL OF DOWNSTREAM INDUSTRY INTO MOTION
Upon completion, these projects are bound to change the economic map of Karachi as well as casting a positive impact on the entire economic scene of the country.
Apr 30 - May 13, 2007
Mega city development requires a holistic approach that entails long-term, integrated investments in improved urban infrastructure and services, additional reforms for enhanced governance and management, and innovative financing mechanisms for mega city development. Asian Development Bank has recommended these norms to be adhered to while launching mega real estate projects.
These norms, however, call upon the people at the helm of affairs to be more focused on improvement of infrastructure development, especially in the context of power, water supply and of course the sewerage system, which are imperative for a better civic life in any society. The existing status of these facilities is not in a good shape rather counterproductive to the economic development in Pakistan.
However, a partnership between public and private sector seems working in that order yet they needed to work in a spirit to give a better environment to the coming generations. The development of waterfront projects is the talk of the town for quite sometime in Pakistan. These beach development projects are in the pipeline from coast to coast at the coastal belt from Hawksbay to Korangi Creek, besides the exciting development of the twin islands "Buddu and Bundal" near Port Qasim. When developed, these projects are certainly bound to change the economic map not only of Karachi but also casting a positive impact on the entire economic scene of the country.
The Waterfront Development, Combined Power and Desalination Plant and Creek City being carried out by Defence Housing Authority (DHA) are a valuable contribution towards the development pattern in Karachi. Besides real estate development, the projects of water desalination and cogeneration plant would pave the way for addressing the two basic needs of the city i.e. water and power. DHA's desalination and power plant would cater to water needs of DHA by 3MGD, besides invigorating the power supply to Karachi by 94MW. Actually, the cogeneration plant is a state-of-the-art mechanism which upon completion would provide additional 3 MGD water and 94 KW of electricity exclusively to the DHA's inhabitants, but certainly set an example to follow especially in the poverty-ridden coastal belt of Balochistan.
The waterfront development project undertaken by DHA is actually a good example of private-public partnership. The project is being developed in collaboration with Egypt, Malaysia and Lebanon investors at an initial cost of $600 million.
This particular project focusing on development of 14 km of the Clifton beach, from main Clifton to Golf Course in Gizri Creek where amusement parks, jogging areas, amphitheatres, piazzas, marina jetties, boardwalks and other public utility facilities are assured by the developers.
The development of mega property projects by international players is likely to cast multiple impacts on the socio-economic life of the country. The most significant impact of this development project is quite visible in the economic activities generated in over 80 down stream industries allied to the construction sector.
Today, the wheel of industry - cement, steel, glass, marble, woodwork and an array of sub-sectors - is moving endlessly and would continue to move positively in the years to come.