Crescent Bay, Karachi

Crescent Bay is a 108-acre (440,000 m2) under-construction upscale mixed-use oceanfront development in Defence, Karachi, Pakistan. It is considered as one of the biggest projects in Pakistan.

Crescent Bay
General information
StatusUnder construction
TypeResidential
Commercial
Retail
LocationKarachi, Pakistan
Construction started2006
Estimated completion2020
Cost$2.4 billion
ManagementHill International
Design and construction
DeveloperEmaar Properties
References
Emaar Pakistan - Official website

The development feature's a series of high and mid-rise towers for residential and commercial use, a shopping centre, a five-star beachfront hotel and a tower located in the heart of the project. The development includes approximately 4,000 residential apartments. Launched on May 31, 2006, when completed the development would be the first development with a private beach and also the first based on reclaimed land.[1]

Even-though the development sold out in 2008,[2] it has faced significant delay's, initially due to the liquidity crisis faced by Emaar Properties following the 2008 financial crisis. Later, due to a legal battle with DHA Ltd for allegedly for breach of contract.[3] The construction resumed in mid-2015 and is contracted to NESPAK. Now, in 2018 two 38-storey buildings of Coral Tower is completed and are about to handover later this year while construction of Pearl Tower (3 towers) and Reef Tower (2 Tower) are progressing rapidly. [4][5]

See also

References
  1. "Emaar seeks more time in Crescent Bay case - The Express Tribune". The Express Tribune. 2011-07-12. Retrieved 2016-06-13.
  2. "Haq's Musings: Emaar's Crescent Bay Project Sold Out in Karachi". www.riazhaq.com. Retrieved 2016-06-13.
  3. "DHA takes over: Crescent Bay project on the rocks - The Express Tribune". The Express Tribune. 2011-07-07. Retrieved 2016-06-13.
  4. "NESPAK :: News Detail". www.nespak.com.pk. Archived from the original on 2016-08-10. Retrieved 2016-06-13.
  5. "EMAAR Pakistan". www.emaar.com. Retrieved 2016-06-13.
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