Crescent Bay, Karachi: Difference between revisions
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| developer = [[Emaar Properties]] [https://www.gigagroup.com/ Giga Group of Companies |
| developer = [[Emaar Properties]] [https://www.gigagroup.com/ Giga Group of Companies] |
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| management = [[Hill International]] |
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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]] consisting of 50 towers. It is one of the biggest projects in [[Karachi]], initiated by [https://www.gigagroup.com/ Giga Group]. |
'''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]] consisting of 50 towers. It is one of the biggest projects in [[Karachi]], initiated by [https://www.gigagroup.com/ Giga Group]. A joint venture by EMAAR and Giga Group - the project started with an aim to provide International standard lifestyle to the people of Karachi<ref>{{cite web |last1=Press |first1=Release |title=Blessing: Shaikh Noori visits Crescent Bay |url=https://tribune.com.pk/story/673880/blessing-shaikh-noori-visits-crescent-bay |website=Express Tribune |publisher=Express Tribune |access-date=19 February 2014}}</ref>. Land reclamation on the project was completed by [https://gigagroup.com/real-estate-investment-and-property-development/ Mazyood Giga] International a subsidiary of Giga Group with the help of [http://www.halcrowpk.com/ Halcrow] Consultants. |
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==Background== |
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A joint venture by EMAAR and Giga Group - the project started with an aim to provide International standard lifestyle to the people of Karachi.<ref>{{cite web |last1=Press |first1=Release |title=Blessing: Shaikh Noori visits Crescent Bay |url=https://tribune.com.pk/story/673880/blessing-shaikh-noori-visits-crescent-bay |website=Express Tribune |publisher=Express Tribune |access-date=19 February 2014}}</ref> Land reclamation on the project was completed by [https://gigagroup.com/real-estate-investment-and-property-development/ Mazyood Giga] International a subsidiary of Giga Group with the help of [http://www.halcrowpk.com/ Halcrow] Consultants. HMR owned by Haji Muhammad Rafiq Pardesi also became a party to this venture after the family business split with Haji Muhammad Amin Pardesi's Giga Group. Haji Amin Pardesi who started his family business from crash transformed Giga Group into a world giant and along with him Vice chairman Giga Group Najeeb Amin Pardesi is working his fingers to bone to accomplish wonders for the people of Pakistan. After the business split Giga who actually set the base of Crescent Bay had to wait for years to get its share of land. Giga Group after a long wait got its share of land and is now ready to set stage for a healthy competition against the developers already working on the project. |
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The development features 50 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 features 50 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> |
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Revision as of 09:48, 29 March 2023
| Crescent Bay | |
|---|---|
 Crescent Bay as of 2022 | |
 | |
| General information | |
| Status | Under construction |
| Type | Residential Commercial Retail |
| Location | Karachi, Pakistan |
| Construction started | 2006 |
| Estimated completion | 2050 |
| Cost | $2.4 billion |
| Management | Hill International |
| Design and construction | |
| Developer | Emaar Properties Giga Group of Companies |
| References | |
| Emaar Pakistan - Official website Giga Group of Companies - Official website | |
Crescent Bay is a 108-acre (440,000 m2) under-construction upscale mixed-use oceanfront development in Defence, Karachi, Pakistan consisting of 50 towers. It is one of the biggest projects in Karachi, initiated by Giga Group. A joint venture by EMAAR and Giga Group - the project started with an aim to provide International standard lifestyle to the people of Karachi[1]. Land reclamation on the project was completed by Mazyood Giga International a subsidiary of Giga Group with the help of Halcrow Consultants.
The development features 50 high and mid-rise towers for residential and commercial use, a shopping centre, a five-star beachfront hotel and a tower located in the heart of the project. The development includes approximately 4,000 residential apartments. Launched on May 31, 2006, when completed the development would be the first development with a private beach and also the first based on reclaimed land.[2]
Even-though the development sold out in 2008,[3] it faced significant delays, initially due to the liquidity crisis faced by Emaar Properties following the 2008 financial crisis. Later, due to a legal battle with DHA Ltd allegedly for breach of contract.[4] The construction resumed in 2015 and is contracted to NESPAK. As of 2022, 38-storey Coral Tower (2 towers), Pearl Tower (3 towers) and Reef Tower (2 Towers) are complete. As of 2022, Residential properties are priced from 300,000$ to 600,000$.[5][6]
See also
References
- ^ Press, Release. "Blessing: Shaikh Noori visits Crescent Bay". Express Tribune. Express Tribune. Retrieved 19 February 2014.
- ^ "Emaar seeks more time in Crescent Bay case - The Express Tribune". The Express Tribune. 2011-07-12. Retrieved 2016-06-13.
- ^ "Haq's Musings: Emaar's Crescent Bay Project Sold Out in Karachi". www.riazhaq.com. Retrieved 2016-06-13.
- ^ "DHA takes over: Crescent Bay project on the rocks - The Express Tribune". The Express Tribune. 2011-07-07. Retrieved 2016-06-13.
- ^ "NESPAK :: News Detail". www.nespak.com.pk. Archived from the original on 2016-08-10. Retrieved 2016-06-13.
- ^ "EMAAR Pakistan". www.emaar.com. Retrieved 2016-06-13.
