Emaar's Crescent Bay Project Sold Out in Karachi
According to Emaar, Crescent Bay is a 75-acre development featuring high- and mid-rise towers for residential and commercial use, a shopping centre and five-star beachfront hotel. The towers will contain approximately 4,000 residential apartments. Crescent Bay is located within Karachi’s DHA Phase 8 and in close proximity to the DHA golf course. Below is an artist's rendering of the completed project:
A friend of mine in Karachi reported via email as follows: "The first phase was overbooked in less than an hour of opening of the counter. Then there was balloting. Those who one were given a piece of paper. That piece of paper is already 10 times its original value.
There is no demarcation. Not even one pick ax has hit the ground. Only leaflets and pamphlets and Emmar's name sells.
It is said that one apartment presently priced at Rs 20 million will change hands much before its completion at more than twice this amount.
There are investors planning to buy a whole tower, to resell later.
One tower would on the average consist of 80 to 160 apartments. The payments would be in instalments according to phases of completion. All payments shall be strictly cash!
All this investment is on account of public enemy number 1 you know who.
The stupid fellow does not take commissions, does not have palaces in Surrey, Paris and Dubai does not own sugar and steel mills in Pakistan. What a shame.
Unless his children study in Oxford how can he feel the pain of children studying in Govt Schools? He can't even gift his wid $80K necklace to his wife paid for through a Swiss Bank issued Credit Card. Shame."
Here's a video clip about Karachi: