Real Estate is a very profitable investment in Pakistan, provided when one knows what to buy, have some holding power and then sell at just the right time. The returns are very handsome even more than 100% in some cases.

However, there are also a plethora of fancy real estate projects that have turned out to be worst investments, often with an intent to defraud customers. One such example, that has recently come to light as a Federal Investigation Agency (FIA) investigation, is the Creek Marina Project.
Background
Creek Marina is an under-construction high rise ocean-front residential project located in DHA Phase 8 Karachi, launched in 2004 as a joint venture project between Meinhardt Group and DHA, while the masterplan was designed by Hirsch Bedner Associates. The project's masterplan includes eight 24-storey towers with a total of 780 apartments.
Emerged as a promising endeavor. It boasted ‘luxury living on a waterfront development’ in the Karachi metropolis. It aimed to create an iconic landmark showcasing sophisticated architecture. Its vision revolved around transforming the scenic waterfront into a property that set new standards for upscale living in Karachi.
Nestled in Phase VIII of DHA, residents would savor breathtaking views of the Arabian Sea and the city skyline, but unfortunately, all the above story was an illusion to attract investors.

Comments