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ISLAMABAD: US real estate tycoon Thomas Kramer and CEO Bahria Town Ahmed Ali Riaz Malik signed a $20bn agreement for Pakistan’s first Island City, Bundal and Buddo Islands, Karachi, said a press release yesterday.
A joint consortium of international investors will join hands to develop this project and the deal with Thomas Kramer is the first level of this agreement. Announcements of other global investors from Middle East and around the globe will be made soon.
Covering 12,000 acres of land, this project will be developed in a span of five to 10 years but the residential communities will start being handed over to the people in 2016.
The global attractions of the project include world’s tallest building, world’s largest shopping mall, sports city, educational and medical city, international city and a media city, all having the most modern facilities and amenities and the most advanced infrastructure.
Island City will be connected to DHA Karachi via a six-lane modern bridge. The entire city will be a ‘high security zone’, having its own drinking water (converting sea-water into drinking water) and power generation plants to enable it to be self sufficient for power.
Thomas Kramer at the occasion said, “I have full confidence in the people and economy of Pakistan.”