TPL REIT subsidiary gets nod to build mega project in Karachi

• Project offers all modern-day amenities.
• Envisaged as an environment-friendly.
  
• Will emerge as a thriving creekside urban development.
  

KARACHI: The Cantonment Board Korangi Creek (CBKC) has approved a mega residential project spearheaded by a subsidiary of TPL's real estate business, the property giant announced in a notification to the Pakistan Stock Exchange.

“We are pleased to inform that the National Management and Consultancy Services (Private) Limited, a subsidiary of TPL REIT Management Company Limited has been granted approval by the Cantonment Board Korangi Creek (CBKC) for its Master Plan submitted for the Mangrove Project

The Mangrove Project is a mid to high-rise creekside development with multiple residential, commercial, and hospitality towers along with a retail strip and boardwalk, according to a bourse filing.

“The project will cater to all modern-day amenities ranging from schools, hospitals, grand mosques, parks, play areas, and cinemas”, the statement added.

Furthermore, the Project is envisaged as an environment-friendly and sustainable development, targeting LEED Gold certification.

“The development will emerge as a thriving creekside urban development that will have strong physical and visual connections to the creek,” it added.

The project development will capture its identity as a place that welcomes and integrates a broad mix of people, cultures, and destinations into a vibrant mixed-use community.

"The developing a balanced mix of neighbourhood, business, and natural systems will be a model for economic, environmental, and social sustainability," the statement added.