100,000 sq-ft land acquired for state-of-the-art mega housing, commercial projects
Zubair Qureshi
As a major boost to the federal government’s efforts to lure Foreign Direct Investment (FDI) in the country, One Homes, a leading international property developer enterprise has acquired a 100,000 square feet piece of prime land in Islamabad and Rawalpindi to become first-ever tailor-made resort style living development for overseas Pakistanis.
The development which sits at the top of a valley and enjoys front line unobstructed views over a 2500-acre national forest is expected to be a first of its kind in the capital.
Talking to journalists here at the ceremony of acquisition of the land, One Homes Co-Founder and Chief Commercial Officer, Aqib Hassan said that the company has a very stringent criteria when acquiring land, and the company often spends years in its acquisition process.
“To give you an idea on average, we profile 20 sites before any single acquisition. Then after the initial profiling stage shortlisted sites go through an extensive due-diligence process which we have created that mirrors the legal process in the UK which enables us to deliver the same level of security and comfort to our customers buying with us in Pakistan that we give to clients buying from us in the UK or Dubai,” he said.
Aqib said the development which is currently in the design development stage is expected to be launched in the market towards the end of the summer 2022.
“We’re currently in the design development stage and as we always do we have engaged with world leading consultants on this development to ensure the project is at par with the greatest projects we have been involved with whether than be here in Pakistan, Dubai or London,” he added.
Aqib said, “The One Group has been involved with some of the most high-profile developments across the United Kingdom, Dubai and Pakistan. He said the company currently has four mega projects in Pakistan with Gross Development Value exceeding $200 million including Diyar Homes and the highly celebrated One Canal Road Lahore by Kobi Karp with interiors finished by VERSACE ceramics, which are being developed under partnership.
About the comparison of this development with past projects, Aqib said that the land is our canvas that defines the development and its potential.
In Lahore, we found the most prime location in the city and we’re just as excited with this new acquisition, it has qualities that make it just as good and in certain ways perhaps even better. We’re greatly looking forward to bringing another ground-breaking development to the market and continue to lead the market in terms of lifestyle & design centric real estate,” he said.
He was of the view that Pakistan’s real estate market had seen robust growth showing a continuous upwards trend throughout changing global economic and political climates.
Commenting on Pakistan’s economy Aqib said Pakistan’s real estate market is amongst the world’s best performing with prime cities appreciating up to 300% percent in the last decade alone, it’s really a train that doesn’t have stops.
“It’s under pinned by a rapidly growing young demographic, amongst the world’s highest rates of urbanisation and with affordability set to explode in the years ahead with mortgage finance trickling into the market, I foresee similar at least if not higher growth for the next decade ahead. We often forget the value proposition Pakistan’s real estate market presents, it’s up to 80% cheaper than comparable regional markets, there is tremendous space for growth,” he added.
The groups medium term plan is to deliver projects worth Rs200 billion in Pakistan by 2027.
“We look forward to continuing our journey as a pioneer and market leader in Pakistan, with a focus on being the pioneers and flag bearers for lifestyle focussed, design centric real estate in Pakistan. The foundations of our business are built on being a thorough client-centric organisation, we understand in its true essence great real estate is about developing lifestyles and with our customer at the heart of our business’s philosophy and operations that’s what we will deliver,” he maintained.
