Crescent Bay is a 108-acre (440,000 m2) under-construction upscale mixed-use oceanfront development in Defence, Karachi, Pakistan consisting of 50 towers. It is a joint venture by EMAAR and Giga Group.[1] Land reclamation on the project was completed by Mazyood Giga International, a subsidiary of Giga Group, with the help of Halcrow Consultants.
| Crescent Bay | |
|---|---|
 Crescent Bay as of 2022 | |
 | |
| General information | |
| Status | Under construction |
| Type | Residential Commercial Retail |
| Location | Karachi, Pakistan |
| Construction started | 2006 |
| Estimated completion | 2050 |
| Cost | $2.4 billion |
| Management | Hill International |
| Design and construction | |
| Developer | Emaar Properties Giga Group of Companies |
| References | |
| Emaar Pakistan - Official website Giga Group of Companies - Official website | |
The development features 50 high and mid-rise towers for residential and commercial use, a shopping centre, a five-star beachfront hotel and a tower located in the middle of the project. The development includes approximately 4,000 residential apartments. Begun on May 31, 2006, when completed the development would be the first development with a private beach and also the first based on reclaimed land.[2]
Even though the development sold out in 2008,[3] it faced significant delays, initially due to the liquidity crisis faced by Emaar Properties following the 2008 financial crisis. Later, due to a legal battle with DHA Ltd allegedly for breach of contract.[4] The construction resumed in 2015 and is contracted to NESPAK. As of 2022, 38-storey Coral Tower (2 towers), Pearl Tower (3 towers) and Reef Tower (2 Towers) are complete. As of 2022, Residential properties are priced from 300,000$ to 600,000$.[5][6]
See also edit
References edit
- ^ Press, Release. "Blessing: Shaikh Noori visits Crescent Bay". Express Tribune. Express Tribune. Retrieved 19 February 2014.
- ^ "Emaar seeks more time in Crescent Bay case - The Express Tribune". The Express Tribune. 2011-07-12. Retrieved 2016-06-13.
- ^ "Haq's Musings: Emaar's Crescent Bay Project Sold Out in Karachi". www.riazhaq.com. Retrieved 2016-06-13.
- ^ "DHA takes over: Crescent Bay project on the rocks - The Express Tribune". The Express Tribune. 2011-07-07. Retrieved 2016-06-13.
- ^ "NESPAK :: News Detail". www.nespak.com.pk. Archived from the original on 2016-08-10. Retrieved 2016-06-13.
- ^ "EMAAR Pakistan". www.emaar.com. Retrieved 2016-06-13.