US Real Estate Tycoon Thomas Kramer signs US $ 20 billion Deal with Bahria Town
Pakistan real estate developers and investors Bahria Town has signed a memorandum of understanding (MoU) with US Real Estate Mogul Thomas Kramer on Monday. Bahria Town founder and former chairman Malik Riaz Hussain said that the project, Bodha Island City, would be developed 3.5 km off the coast of Karachi at a cost of USD 15-20 billion.
Covering 12,000 acres of land, this project will be developed in a span of 5-10 years but the residential communities will start being handed over to the people in 2016. The global attractions of the project comprise of world’s tallest building, world’s largest shopping mall, Sports city, Educational & Medical city, International city and a Media city, all having the most modern facilities & 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. Moreover the project will have mosques, cinemas, spas, golf clubs, school, hospital and other global standard amenities to furnish a modern lifestyle.
Speaking at the occasion, current consultant & the former chairman of Bahria Town; Mr. Malik RiazHussain said that our slogan is “BahriaTown Commits – Bahria Town Delivers and Alhamdulillah we have fulfilled all our promisesmade with Pakistan & Pakistanis. We know that the construction sector has played a key role in transformingthe USA, Malaysia, Japan, Turkey and Germany into developed nations. In the same manner, Insha Allah, Pakistan will also become a developed nation, which is our vision. This project will not only provide 2.5 million jobs but will help revive 55 national industries and provide housing to 1 million Pakistanis. It will also help eliminate terrorism and crimes.”
Thomas Kramer is a visionary businessman commonly known as TK. He surveyed an island hideout of Cuban pirates in 1991-92 and later on developed it into the present day Miami Beach, which is one of the biggest international tourist destinations of today.He is specialist and well known for building skyscrapers in coastal areas. His company has successfullyconstructed several projects around the globe.
Bahria Town’s spokesman expressed that it’s an honor to join hands with such a visionary developer of Kramer’s caliber.