China Pakistan Investment Corporation (CPIC), a London-based real estate investment firm, has acquired 27 million sq. ft. land in Islamabad for $1.5 billion.
According to the details, CPIC has purchased land in the federal capital under its new luxury brand known as Diyar Homes.
CPIC’s Diyar Homes will be Pakistan’s first resort-style community for overseas Pakistanis. Talking about the acquisition, the CPIC spokesperson said:
The acquisition comes as the group looks to cement their position as the leading developer for overseas Pakistanis by expanding their land bank in Pakistan’s most prime locations.
It took CPIC more than three years to acquire land in Islamabad due to strict regulatory criteria and an acute shortage of land in the capital, the spokesperson added.
We had a 72 point criteria ranging from accessibility, infrastructure, utilities, and natural landscape to ownership status, which made it extremely difficult to acquire the type of land we were looking for whilst staying within the ethos of pioneering trust, transparency, and sincerity to Pakistan’s real estate market.
CPIC’s investment is in line with the vision of Prime Minister Imran Khan to engage Pakistani diaspora in the development of the country.