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'''Crescent Bay''' is a {{convert|108|acre|m2|sing=on}} under-construction [[Upscale shopping|upscale]] [[Mixed-use development|mixed-use]] [[oceanfront]] development in [[Defence, Karachi|Defence]], [[Karachi]], [[Pakistan]]. It is considered{{by whomst|date=November 2021}} as one of the biggest projects in Pakistan.
'''Crescent Bay''' is a {{convert|108|acre|m2|sing=on}} under-construction [[Upscale shopping|upscale]] [[Mixed-use development|mixed-use]] [[oceanfront]] development in [[Defence, Karachi|Defence]], [[Karachi]], [[Pakistan]]. It is considered{{by whomst|date=November 2021}} as one of the biggest projects in Pakistan.


The development feature's a series of high and mid-rise towers for [[residential]] and [[Commerce|commercial]] use, a [[shopping centre]], a five-star beachfront hotel and a tower located in the heart of the project. The development includes approximately 4,000 residential apartments. Launched on May 31, 2006, when completed the development would be the first development with a private beach and also the first based on [[reclaimed land]].<ref>{{Cite web|url=http://tribune.com.pk/story/208375/emaar-seeks-more-time-in-crescent-bay-case/|title=Emaar seeks more time in Crescent Bay case - The Express Tribune|date=2011-07-12|website=The Express Tribune|language=en-US|access-date=2016-06-13}}</ref>
The development feature's a series of high and mid-rise towers for [[residential]] and [[Commerce|commercial]] use, a [[shopping centre]], a five-star beachfront hotel and a tower located in the heart of the project. The development includes approximately 4,000 residential apartments. Launched on May 31, 2006, when completed the development would be the first development with a private beach and also the first based on [[reclaimed land]].<ref>{{Cite web|url=http://tribune.com.pk/story/208375/emaar-seeks-more-time-in-crescent-bay-case/|title=Emaar seeks more time in Crescent Bay case - The Express Tribune|date=2011-07-12|website=The Express Tribune|language=en-US|access-date=2016-06-13}}</ref>


Even-though the development sold out in 2008,<ref>{{Cite web|url=http://www.riazhaq.com/2008/02/emaars-crescent-bay-project-sold-out-in.html|title=Haq's Musings: Emaar's Crescent Bay Project Sold Out in Karachi|website=www.riazhaq.com|access-date=2016-06-13}}</ref> it has faced significant delay's, initially due to the [[liquidity crisis]] faced by [[Emaar Properties]] following the [[2008 financial crisis]]. Later, due to a legal battle with [[Defence Housing Authority|DHA Ltd]] for allegedly for breach of contract.<ref>{{Cite web|url=http://tribune.com.pk/story/204627/dha-takes-over-crescent-bay-project-on-the-rocks/|title=DHA takes over: Crescent Bay project on the rocks - The Express Tribune|date=2011-07-07|website=The Express Tribune|language=en-US|access-date=2016-06-13}}</ref> The construction resumed in mid-2015 and is contracted to [[NESPAK]]. Now, in 2018 two 38-storey buildings of Coral Tower is completed and are about to handover later this year while construction of Pearl Tower (3 towers) and Reef Tower (2 Tower) are progressing rapidly. <ref>{{Cite web|url=http://www.nespak.com.pk/news/newsdetail.asp?id=3364|title=NESPAK :: News Detail|website=www.nespak.com.pk|access-date=2016-06-13|archive-url=https://web.archive.org/web/20160810133609/http://www.nespak.com.pk/news/newsdetail.asp?id=3364|archive-date=2016-08-10|url-status=dead}}</ref><ref>{{Cite web|url=https://www.emaar.com/pakistan/crescentbay/construction-progress.aspx|title=EMAAR Pakistan|website=www.emaar.com|access-date=2016-06-13}}</ref>
Even-though the development sold out in 2008,<ref>{{Cite web|url=http://www.riazhaq.com/2008/02/emaars-crescent-bay-project-sold-out-in.html|title=Haq's Musings: Emaar's Crescent Bay Project Sold Out in Karachi|website=www.riazhaq.com|access-date=2016-06-13}}</ref> it has faced significant delay's, initially due to the [[liquidity crisis]] faced by [[Emaar Properties]] following the [[2008 financial crisis]]. Later, due to a legal battle with [[Defence Housing Authority|DHA Ltd]] for allegedly for breach of contract.<ref>{{Cite web|url=http://tribune.com.pk/story/204627/dha-takes-over-crescent-bay-project-on-the-rocks/|title=DHA takes over: Crescent Bay project on the rocks - The Express Tribune|date=2011-07-07|website=The Express Tribune|language=en-US|access-date=2016-06-13}}</ref> The construction resumed in mid-2015 and is contracted to [[NESPAK]]. Now, in 2018 two 38-storey buildings of Coral Tower is completed and are about to handover later this year while construction of Pearl Tower (3 towers) and Reef Tower (2 Tower) are progressing rapidly. <ref>{{Cite web|url=http://www.nespak.com.pk/news/newsdetail.asp?id=3364|title=NESPAK :: News Detail|website=www.nespak.com.pk|access-date=2016-06-13|archive-url=https://web.archive.org/web/20160810133609/http://www.nespak.com.pk/news/newsdetail.asp?id=3364|archive-date=2016-08-10|url-status=dead}}</ref><ref>{{Cite web|url=https://www.emaar.com/pakistan/crescentbay/construction-progress.aspx|title=EMAAR Pakistan|website=www.emaar.com|access-date=2016-06-13}}</ref>


==See also==
==See also==

Revision as of 07:13, 1 January 2022

Crescent Bay
Map
General information
StatusUnder construction
TypeResidential
Commercial
Retail
LocationKarachi, Pakistan
Construction started2006
Estimated completion2050
Cost$2.4 billion
ManagementHill International
Design and construction
DeveloperEmaar Properties
References
Emaar Pakistan - Official website

Crescent Bay is a 108-acre (440,000 m2) under-construction upscale mixed-use oceanfront development in Defence, Karachi, Pakistan. It is considered[by whom?] as one of the biggest projects in Pakistan.

The development feature's a series of high and mid-rise towers for residential and commercial use, a shopping centre, a five-star beachfront hotel and a tower located in the heart of the project. The development includes approximately 4,000 residential apartments. Launched on May 31, 2006, when completed the development would be the first development with a private beach and also the first based on reclaimed land.[1]

Even-though the development sold out in 2008,[2] it has faced significant delay's, initially due to the liquidity crisis faced by Emaar Properties following the 2008 financial crisis. Later, due to a legal battle with DHA Ltd for allegedly for breach of contract.[3] The construction resumed in mid-2015 and is contracted to NESPAK. Now, in 2018 two 38-storey buildings of Coral Tower is completed and are about to handover later this year while construction of Pearl Tower (3 towers) and Reef Tower (2 Tower) are progressing rapidly. [4][5]

See also

References

  1. ^ "Emaar seeks more time in Crescent Bay case - The Express Tribune". The Express Tribune. 2011-07-12. Retrieved 2016-06-13.
  2. ^ "Haq's Musings: Emaar's Crescent Bay Project Sold Out in Karachi". www.riazhaq.com. Retrieved 2016-06-13.
  3. ^ "DHA takes over: Crescent Bay project on the rocks - The Express Tribune". The Express Tribune. 2011-07-07. Retrieved 2016-06-13.
  4. ^ "NESPAK :: News Detail". www.nespak.com.pk. Archived from the original on 2016-08-10. Retrieved 2016-06-13.
  5. ^ "EMAAR Pakistan". www.emaar.com. Retrieved 2016-06-13.
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