Some 12,000 acres of land have been set aside for a Gulf construction group for the development of the new 43 billion twin island project of Bundal and Buddo, to be developed by UAE real estate giant Emaar properties.
The islands, will be located off the coast off the Karachi coastline in Pakistan, at the threshold of Port Qasim, one of the two operational ports of the country, according to the AFP. The islands will supposedly be built in a similar fashion to Dubai.
“We have allocated 12,000 acres (4,856 hectares) of land on the two islands to Emmar for the construction of the new city,” stated the chairman of the Port Qasim Authority vice admiral Asad Qureshi .
A formal agreement regarding the new project has yet to be reached, though the cabinet of Prime Minister Shaukat Aziz has reportedly approved the new project in principle, industry sources revealed, while the proposed agreement is imminent.
Emmar will fund 85 percent of the project while Port Qasim Authority’s 15 percent share is in the form of the land.
Karachi is home to more than 12 million people and account for 95 percent of Pakistan’s foreign trade.
