Karachi: A proposal to develop a large-scale waterfront business district on Karachi Port Trust (KPT) land has entered the evaluation stage, marking the first step towards what could become one of Pakistan’s largest mixed-use real estate developments.
The proposal follows a memorandum of understanding (MoU) signed last month between KPT, the Saudi Business Council–NAJD Gateway Holding Company, Arif Habib Dolmen REIT Management Limited and the Pakistan Corporate Consortium to explore the development of a maritime business district on 140 acres of waterfront land owned by KPT.
KPT Chairman Rear Admiral (r) Shahid Ahmed said the proposed project is estimated to cost around PKR 1.5 trillion. He added that Arif Habib Group has submitted a consolidated proposal under a Real Estate Investment Trust (REIT) structure, which is currently being evaluated by the port authority.
According to Ahmed, the feasibility study has recently begun and is expected to take up to 18 months. Subject to approvals, construction is targeted to begin in early 2028.
The proposed district would include commercial offices, hotels, convention and exhibition facilities, serviced apartments, shopping and entertainment venues, educational institutions, and dedicated zones for marine technology, logistics, digital banking and port-related businesses.
The project is planned under a public-private partnership model, with KPT contributing the land as equity while investors finance the development. Saudi investors have expressed interest in the project, although the scale of foreign investment will be determined after the proposal is evaluated and regulatory approvals are obtained.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
