Crescent Bay is the pioneering master-planned community being developed by Emaar Pakistan and is part of a multi-billion dollar investment by the company in the country's real estate sector.
Mr Saleem Butt, Chief Operating Officer, Emaar Pakistan, signed the agreement with Mr Aftab Siddique of Paragon Construction recently. As per the contract valued at over Rs2 billion, Paragon will undertake the piling work for Reef and Pearl Towers within Crescent Bay, with piling expected to be completed in six months. Work on the super structure and mechanical, electrical and plumbing (MEP) works will start thereafter.
Mr Butt said: "Crescent Bay is energizing Karachi's property sector as the pioneering master-planned community that brings in world-class standards in engineering and construction. Paragon Construction has been selected for the piling work for their accomplished track record in working with landmark projects."
He added: "Awarding the contract and undertaking the work also highlight our commitment to hand over properties in Crescent Bay to the customers on schedule. By working with Pakistani companies, we are also contribution to the overall socio-economic growth by creating job opportunities."
Mr Aftab Siddique of Paragon Construction said: "Emaar Pakistan's Crescent Bay is one of the most prestigious undertakings in Pakistan now, and it is our privilege to be associated with the project. We will employ cutting edge technology and tools, and execute the project as per schedule."
Emaar Pakistan has already revolutionized the construction sector in the country with the introduction of advanced technologies such as the Tunnel Form System, which helps Emaar to develop high-quality villas swiftly. The system gives higher tensile compressive strength to the walls and roof. Emaar's development capabilities have also been endorsed with the RCCI Gold Award, and the PE1 developer rating by the Pakistan Credit Rating Agency Limited (PACRA) and National Engineering Services Pakistan (Pvt) Limited (NESPAK).
Emaar Pakistan recently launched Coral, Pearl and Reef towers within Crescent Bay to overwhelming customer response. During the launch, property was offered to 850 pre-registered applicants.
Emaar Properties has expanded to Pakistan in line with its Vision 2010 to become one of the most valuable companies in the world through geographic expansion and business segmentation. Today, Pakistan is one of the key markets for Emaar, with the country already contributing to the international revenue stream through sale of Emaar Pakistan's master-planned communities in Islamabad and Karachi.
Emaar's approach to property development is to introduce integrated communities featuring the entire spectrum of lifestyle amenities such as healthcare, education, shopping malls and hospitality & leisure. Emaar's projects in Pakistan – Highlands and Canyon Views in Islamabad and Crescent Bay in Karachi – are integrated communities that bring in a new lifestyle choice to the country.
