28-storey Twin Tower on Jail Road to cost Rs4.25 billion

LAHORE

Lahore Development Authority (LDA) has received a befitting response from more than 100 Chinese companies for construction of the tallest building of the provincial metropolis.

LDA officials said the project was offered under a Joint Venture (JV) of public-private partnership mode, during an Investment Road Show in Pakistan Embassy at Beijing, China. They said spreading over an area of 22 kanals, construction of this 28-storey Twin Tower on Jail Road, Lahore, will cost Rs4.25 billion which will be the biggest commercial hub in the city. It will house offices, showrooms, shops and brand outlets besides a food street.The LDA officials maintained that the road-show was organised on the directive of Chief Minister Shahbaz Sharif for inviting foreign financiers for investing in projects in Pakistan. Pakistan’s Ambassador to China Masood Khalid, Lahore Development Authority Director General Zahid Akhter Zaman and Chief Engineer Asrar Saeed briefed representatives of more than 150 Chinese companies about this project.

Director General LDA, Zahid Zaman told the businessmen about the background, objective and technical details of the project. He said the chief minister had directed the LDA to build a modern tower equipped with modern facilities for the people. About the project, he said the proposed tower would have offices, department stores, food outlets and cinema and would be built in the centre of Lahore.

He told that LDA had been empowered to grant all the approvals regarding plans, development and construction. “We have invited private sector, developers and international partners to come forward and help us with their capital, experience, expertise in real estate development,” he added. He also held separate meetings with these companies and presented them printed material about investment opportunities in Pakistan. Representatives of Pakistani banks were also present to give financial advice to the Chinese companies.

Earlier, Pakistan’s Ambassador to China, Masood Khalid briefed Chinese companies about the attractive investment climate in Pakistan and invited them to tap investment opportunities offered by the real estate sector.

Welcoming the representatives of a large number of Chinese companies who attended a road-show offering investment opportunities in a ‘Twin Tower’ project in Lahore organised by Lahore Development Authority (LDA) and Commercial Section of the Embassy of Pakistan, he said, the Pakistan government was making earnest efforts to bring about prosperity and development in the country.

He added that the government was providing unprecedented and equal opportunities to local and foreign investors and asked them to come forward and take advantage of pro-investment and pro-business policies.

The ambassador informed that the legal system in Pakistan fully protected foreign investment, particularly Chinese investment. He said both Pakistan and China enjoyed excellent and mutually beneficial relations, which were growing day by day.

“We are also partners in the development and implementation of the common objective of the One Belt, One Road Initiative taken by Chinese President Xi Jinping,” he added. He said that CPEC was the flagship project of the One Belt, One Road Initiative, which would bring about development and prosperity for not only both the friendly countries but also for the region as a whole.

Masood Khalid said different projects of energy, infrastructure development, roads network and bridges had been launched under the CPEC and Chinese companies were actively taking part in their implementation.

He said there was political and economic stability in Pakistan and all major credit institutions had expressed satisfaction over economic growth.