Karachi braces itself for $18 billion Crescent Bay

Emaar Properties, the leading property developer in Pakistan, has revealed a major proposal for Karachi called Crescent Bay.

The project includes three man made crescent-shaped bays with a tower on the end of every peninsula covering an area of 75 acres. The project is a major investment for Karachi which is undergoing a period of major redevelopment along the coastal areas for residential purposes.

However, the exact location is under scrutiny as it is located almost directly next to the Siemens Power Plant and soon to be constructed Eplanet Island. Crescent Bay will consist of mid-rise towers for residential and commercial use, a shopping centre and five-star beachfront hotel. The towers will contain approximately 4,000 residential apartments.

Mohamed Ali Alabbar, Chairman, Emaar Properties said Pakistan represented a vital link in Emaar's global and regional plans. 'These current projects are only a small and initial part of our commitment to providing world-class living and infrastructure in Pakistan,' Alabbar said.

The size of the towers plus a more detailed map of the area are yet to follow.