Dubai realtors form new firm to enter Pakistani market - GulfToday

Dubai realtors form new firm to enter Pakistani market

Hassan Afzal Khan (C) witnesses the agreement signing ceremony in Dubai.

Gulf Today, Staff Reporter

Dubai-based Samana Developers entered into a key partnership with H&S Real Estate on Thursday in Dubai to foray into Pakistan’s burgeoning real estate market.

The partnership has launched "Emirates Developers," a new real estate development company incorporated in Pakistan. Emirates Developers will build mixed-used resort-themed communities in the tourist hotspots of Pakistan.

Emirates Developers will build a series of projects in Pakistan. The new company will launch first mega project at a tourist hotspot of Pakistan in January 2022.
The agreement signing ceremony was witnessed by Hassan Afzal Khan, Consul-General of Pakistan to Dubai, along with officials of the Consulate General of Pakistan, Samana Developers and H&S Real Estate.

Afzal Khan said, “It is a proud moment for all of us and for the Pakistani community in Dubai that we are witnessing a double success story of Samana Developers and H&S Real Estate going to be replicated in Pakistan.”

Imran Farooq, CEO of Samana Developers, said: “We are coming to Pakistan with high ambitions and bullish mindset. Despite the drop in currency, Pakistan’s real estate market is quite attractive with year-on-year growth projection as we see Pakistan’s population, which needs housing, continues to grow.”

“We are not only developing another brick-and-mortar project but a lifestyle development with state-of-the-art amenities at par with the international standards, which we have achieved in Dubai. I believe today’s developers need to think outside the box to fill the gap between innovation, lifestyle and construction. That’s what we practiced in Dubai with Samana Developers. It gives a solid reason to buyers and end-users to invest in our projects. Our end-user business model has helped to be resilient during the Covid-19 pandemic. During the lockdown, we kept on building, and did not stop which continued the workflow, hence, cashflow from buyers to vendors.”

He added: “We had a choice of choosing a plot for single building but that would not be a lifestyle. That is the reason we picked up a cluster of large plots to create a community with facilities and amenities required for a good lifestyle. Anything one needs in a five-star hotel, will be available in the premium Emirates Developers projects at prime locations in Pakistan.”

Emad Haq, Vice-Chairman, H&S Real Estate, said: “We believe it is a perfect synergy of two property experts with international experience – Emirates Developers and H&S Real Estate – who will present a living experience in Pakistan which will be unmatched. With group’s 50 plus years of combined experience in residential and commercial luxury real estate development, Emirates Resort project will be a jewel in the heart of beautifully landscaped Islamabad in close proximity to Murree, the lush green resort town in Pakistan.”

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