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Name: Muhammad Mehdi Hussain Email: mehdi@pixsense.com |
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PROJECT: Port Tower Complex (PTC) |
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Rs 20 billion KPT real estate project
unveiled
RECORDER REPORT KARACHI (October 12 2004): Sindh Governor Dr Ishratul Ibad Khan, Chief Minister Dr Arbab Rahim and Federal Communication Minister Babar Khan Ghauri on Monday jointly announced commencement of a Rs 20 billion joint venture in a real estate project between Qatari investor and Karachi Port Trust. The Governor, addressing newsmen at Governor House before the presentation of the project by the KPT officials, said that under the instruction of President Pervez Musharraf all federal government offices located in Karachi have been asked to contribute their share of development work to make Karachi attractive for investment and peaceful for living. Those who attended the briefing included Karachi Port Trust Chairman Vice Admiral Ahmed Hayat, Sindh Finance minister Sardar Ahmed, Adviser to Chief Minister on Local Government Wasim Akhtar, Adviser to Governor on Mega Projects Mumtaz Hameed, Advocate-General Kazi Khalid, Chief Secretary Sindh Aslam Sanjrani, Principal Secretary to Governor Zamin Naqvi and officers of KPT. Ibad said that the 'Port Tower Complex' - a joint venture of Karachi Port Trust and Qatar Shaikh - would attract investors, beautify Karachi and provide jobs to 40,000 people for six years, and activate 137 downstream industries related with construction business. He said that the tower would be the 10th tallest structure and architectural beauty in the world. It would be built on state-of-the-art engineering and architectural approach. The groundbreaking of the project would take place by November-end or beginning of December 2004. The project will be located at the Clifton beach. It will be spread over 98 acres of KPT land. Out of this, only 26.5 percent will be covered by constructed structures and 73.5 percent will be open space. The covered area will have tower and 'expo centre' spread over 30 acres. The tower will measure 1500 feet in height. There will be low-rise residential complex on 30.5 acres having 74 units of 4500 sq ft each. The high-rise residential complex will be spread over 21.5 acres. There will be two categories of units. In Category A there will be nine blocks and 450 apartments, 18 apartments at each floor. There will be 25 storeys. In Category B, there will be three blocks. It will be a 40-storeyed building with 720 apartments. Each floor will have 18 apartments. The complex will have a community centre and a clubhouse. The provision of shopping galleria and hotel. It will be spread over 15.8 acres. It will have total covered area for galleria 1,000,000 sq ft and covered area for hotel 675,000 sq ft. In a nutshell, the tower complex will cover 1,510,000 sq ft, including low-rise residential 337,500 sq ft, high-rise residential 3,210,000 sq ft and shopping galleria and hotel 1,675,000 sq ft. Total covered area would be 6,732,500 sq ft. Giving the background and objectives of the project it was said that KPT would diversify its revenue generation resources by optimising its real estate. The ministry of Communication had approved this strategy on September 3, 2001. The board conceptually approved the project of 'Port Tower' on Oct 31, 2001. Nespak was hired to conduct feasibility study. Adm Hayat said that construction of the project would not affect Karachi Port working. However, the joint venture partners would conduct a hydrographical study regarding effects of reclamation. Clearance from Civil Aviation Authority would also be taken. He said that all construction would be done according to international standards, with the approval of Karachi Port Trust. Hayat said that the project would yield Rs 12.5 billion to KPT, including cost of the land. He said that out of four portions of the project, two would be with the KPT. These would be a source of regular income to KPT. The investor from Qatar would earn from the housing complexes and other facilities. Hayat said that the Qatari investor would initially invest four billion rupees and the rest of the cost of the project would be recovered from the commercial activity which would be undertaken by the joint venture partners. He said that micro-financing study of the project was still under way and the price of apartments, shops and other facilities which would be sold out have not yet been worked out. He said, "We cannot go into the micro-finance details of the project at this moment but the working would be done to facilitate common men. Prices of flats have not been fixed and these would be announced later on." The complex has taken care of proper water supply, sewer disposal and parking needs. Hayat said that this project would be in addition to other seven projects which would be initiated in Karachi. These are: four underpasses, Mai Kolachi Road-Submarine Chawk, with three underpasses, Port Flyover at Hino Chawk, Korangi, M. A. Jinnah Road from Jinnah Flyover to Keamari, M T Khan Road from PIDC House to Jinnah Flyover, two desalination plants (Manora and Keamari), Port Jet (Fountain) Keamari groyna, and Cargo Village spread over 550 acres. Federal Communication Minister Babar Khan Ghori said that he would ensure that all departments under his ministries contribute their share of work in making Sindh prosperous. Chief Minister Dr Arbab Rahimn said that the coalition government was functioning well and there was co-operation among the minister of the provincial government and the federal government on a scale never seen before. He said that the City District Government Karachi had its role but any interference from the CDGK would be dealt with appropriately as the CDGs were under the control of the provincial government. ============================================================================== |
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KPT to establish Port Tower Complex
KARACHI (March 03 2005): Karachi Port Trust (KPT) is joint venturing a stupendous Rs 20 billion "Port Tower Complex" with M/s City Trading of Qatar. The project launched in October last year will be completed in a period of 6 years having a 1500 feet high tower, to be amongst 10 tallest buildings of the world, being the main feature to serve a monumental structure of Karachi city. The entire project will incorporate the Tower, an Expo Centre, low and high rise residential complexes, Community Centre and clubhouse, Shopping Galleria and Hotel. Tower Complex will have fast speed lifts to take visitors to the ultimate height to have bird's eye view of the city from the revolving restaurant. The Tower complex will have a covered area of 1.510 million-ft, low-rise residential complex 0.3375 million-ft, high-rise residential complex 3.210 million-ft, Shopping Galleria and Hotel 1.675 million-ft. The total 90 acres land required for the project is being made available through reclamation of sea. "It is for the first time that Karachi-based Federal organisations have been sensitised to play their due role towards the development and beautification of the city", commented Sindh Governor Dr Ishrat-ul-Ebad Khan. Whether it is Steel Mill, KPT, PQA, EPZ or other, they have started contributing towards the city development and are bringing in useful projects, he says. Meanwhile, work on another multi-billion rupees mega project of Lyari Expressway is progressing at a fast pace. The project on completion will provide a great relief to the people of Karachi. The Northern Bypass is yet another mega project being constructed at a cost of about Rs 6 billion. More than 50 percent of the bypass has been completed and opened for heavy traffic. On completion the bypass will carry the entire load of heavy traffic from the Port directly to Super highway for upcountry destinations. KPT alone is undertaking five mega projects including construction of Flyover at Hino Chowk costing Rs 617 million, Mai Kolachi bypass to Submarine Chowk through schon circle costing Rs 757 million. Renovation of M.A Jinnah Road from Keamari to Mazar-e-Quaid-Rs 450 million, Maulvi Tamizuddin Khan Road-Rs 208 million. Tenders of these projects were already opened. Similarly, Export Processing Zone (EPZ) is also undertaking construction of Shahrah-e-Mehran to Port Qasim with a cost of Rs 110 million while Pakistan Steel has been assigned the construction of Flyover at Quaidabad at a cost of Rs 277.5 million and link road connecting National Highway with Super highway at a cost of Rs 180 million. On the other hand, City District Government Karachi is also contributing Rs 6 billion during a period of three years towards the Rs 29 billion Taameer-e-Karachi program and will carry out a number of major schemes of roads, water supply, sewerage and flyovers. ============================================================================== |
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Joint-venture for 1500ft high-rise
ISLAMABAD, March 9: The government is negotiating a joint venture with construction firms of Malaysia and Qatar to build a 1,500-foot-high building in Karachi. After completion, it would rank among the 10 tallest buildings of the world. Information placed before the National Assembly on Wednesday showed that the project of a Port Tower Complex in Karachi would cost Rs40 billion. The government, in response to a question by MNA Yasmeen Rehman, informed the house that the agreement was under finalization with M/s City Trading and Contracting of Qatar in association with M/s IJM Corporation Berhad of Malaysia. In reply to a question by MNA Ijaz Chaudhry, Minister for Sports and Shipping Babar Khan Ghouri said the government initially wanted to give the contract on build-operate-and-transfer basis (BOT), but no one took interest. When it had changed the terms of reference to a joint venture, six parties showed interest in the project. The government would provide land for the building while the joint venture would bear the construction costs, said the minister. Islamabad-Peshawar Motorway: In reply to a question by MNA Mian Muhammad Aslam, the ministry of communications informed the house that the cost of Islamabad-Peshawar Motorway project had increased by Rs14.302 billion due to a 12-year delay. The record placed before the house showed the initial estimated cost of M-1, Islamabad-Peshawar Motorway, Rs16.82 billion in 1993. However, it is now expected to be completed at a cost of Rs31.122 billion. The government has paid Rs1.7402 billion to the people whose land was acquired for construction of the motorway M-1. Govt oil income: In reply to a question by MNA Sabir Hussain Awan, the minister concerned informed the house that the government had earned Rs3020.6 million annually in the form of corporate taxes from six oil companies, during 2003-04. The record placed before the house showed that government's income in the form of corporate taxes from six oil companies was less than the profits earned by the Pakistan State Oil (PSO). Answering a question by MNA Muhammad Laeeque Khan, who sought details of the overall profit earned by the PSO until June 30, 2004, the house was informed that the PSO had earned an after-tax profit of Rs4211.861 million. The pre-tax profit of the PSO was Rs6095.38 million, the record placed before the house showed. Bustard hunted: In reply to a question by MNA MP Bhandara, the government accepted before the house that it had given permission to 34 foreign guests to hunt the endangered species of Bustard in the past two years. The figures provided by the government showed that a minimum of 7,000 birds had been hunted by the 'foreign guests', mostly the Arab Sheikhs. Source: Dawn ============================================================================== |
General Update:
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