Crescent Bay, Karachi
| 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 HMR |
| References | |
| Emaar Pakistan - Official website Giga Group of Companies - Official website HMR | |
Crescent Bay is a 108-acre (440,000 m2) under-construction upscale mixed-use oceanfront development in Defence, Karachi, Pakistan consisting of 50 towers initiated by Giga Group and Emaar properties. Currently, there are three main developers working on the project, Giga Group, Emaar properties, HMR Group.
Historical Background
The project started as a joint venture between EMAAR and Giga Group[1] to which HMR became a party after its Business split with Giga Group. HMR owned by Haji Rafiq Pardesi came into being after the family business split with Haji Amin Pardesi's Giga Group. Haji Amin Pardesi, who is the brain behind Crescent Bay Karachi is committed to deliver something unique and aspiring to the people of Karachi. The base of Crescent Bay Karachi was set by Giga Group. 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 middle of the project. The development includes approximately 4,000 residential apartments. Begun 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.
