Pakistan, China sign deal for two mega residential projects in Gwadar
ISLAMABAD: The China Pakistan Investment Corporation (CPIC) has signed a construction agreement with China’s state-owned mega construction conglomerate, BIDR to materialise Gwadar’s two mega residential and commercial projects.
The agreement was signed by CPIC Global Founding Board member Syed Zeeshaan Shah and BIDR Deputy Director and Chief Design Engineer Liu Bochun at a ceremony in Islamabad.
The agreement covers CPIC’s mega projects in Gwadar spread across 10 million square feet of prime residential and commercial real estate outfits, the International Port City and China Pak Golf Estates – the two approved projects by Gwadar Development Authority (GDA).
CPIC Global is the world’s first China Pakistan Economic Corridor (CPEC) -centric real estate developer with current under-development projects worth in excess of $500 million.
Speaking on the occasion, Shah said: “This is a momentous occasion for us. We are setting a new standard for community development in Pakistan and working with a global leader like BIDR will enable us to deliver our projects on time and on budget.”
On the current on-ground situation in Gwadar, Shah said the progress over the last 12 months in Gwadar has been phenomenal.
“The port and economic free zone are both fully operational now and 30 companies from Pakistan and China have committed to investing almost $500 million to develop their industries there. The dream of a Gwadar becoming a key economic hub of Asia is not far away now,” he added.
On the subject of Prime Minister Imran Khan’s recent visit to China, Shah said that the Chinese have invested in Pakistan at a time when others snubbed it. “China and Pakistan are all-weather friends and China reiterated this by committing to help Pakistan with the balance of payment situation.”
He added, “The trip was particularly encouraging for Gwadar with both sides reiterating the significance of Gwadar as the central pillar of CPEC and agreeing to further expedite development of the port and its auxiliary projects.”