Summit Tower Sold for Rs12 Billion — Ranks Among Karachi’s Largest Property Deals

Bank Makramah Limited (BML), formerly known as Summit Bank, has finalized the sale of its headquarters, Summit Tower (also called Cullinan Tower), in Clifton, Karachi, for Rs12 billion. The agreement with Sumya Builders & Developers was signed on July 2, 2025, and disclosed through a regulatory filing to the Pakistan Stock Exchange on July 7, 2025. The transaction is expected to close in Q3 2025, pending approvals.

This sale ranks among Karachi’s top three largest commercial real estate transactions in rupee terms and third in dollar value. The 12-storey building, where BML occupies the upper half, will be partially leased back by the bank during its transition to a new head office.

In terms of dollar value, the Summit Tower sale equals approximately USD 43 million, based on the 2025 exchange rate of Rs280/USD. It now follows two earlier high-value deals:

1. HBL Tower Sale (2017) – Habib Bank Limited acquired the HBL Tower in Clifton from Mega & Forbes for Rs14.4 billion, equal to about USD 137 million at the 2017 exchange rate. This transaction remains the largest in dollar value for a single property in Karachi.
2. Regent Plaza Sale to SIUT (2023) – The Sindh Institute of Urology and Transplantation (SIUT) purchased Regent Plaza Hotel for Rs14.5 billion, valued at approximately USD 85 million at the 2023 exchange rate.

These deals reflect Karachi’s ongoing activity in high-value property transfers, particularly in the Clifton area. Another notable transaction includes Bank Al Habib’s acquisition of Centrepoint from TPL Properties for Rs7.75 billion in 2021, equivalent to USD 49 million.

Summit Tower’s sale is part of BML’s broader recapitalisation strategy, which includes a Rs5 billion capital injection from majority shareholder Nasser Abdulla Hussain Lootah and a prior Rs10 billion investment in 2023.