Pakistan-China Sign Deal for Two Mega Residential Projects in Gwadar Today
On Friday, the China Pakistan Investment Corporation (CPIC) signed a construction agreement with China’s construction conglomerate, BIDR, to construct Gwadar’s two residential and commercial projects.
The construction agreement was signed by CPIC Global Founding Board member Syed Zeeshaan Shah and BIDR Deputy Director and Chief Design Engineer Liu Bochun at a ceremony that took place in Islamabad.
The agreement involves CPIC’s big projects in Gwadar which spread up to 10 million square feet of prime residential and commercial real estate land. The International Port City and China Pak Golf Estates are the two projects which have been approved by Gwadar Development Authority (GDA).
CPIC Global is the world’s first China Pakistan Economic Corridor (CPEC) real estate developer, which has current projects that price over $500 million.
Shah said, while speaking about the agreement, “This is a momentous occasion for us. We are setting a new standard for community development in Pakistan and working with a global leader like BIDR will enable us to deliver our projects on time and on budget.”
“The port and economic free zone are both fully operational now and 30 companies from Pakistan and China have committed to investing almost $500 million to develop their industries there. The dream of a Gwadar becoming a key economic hub of Asia is not far away now,” he added.
While speaking on Prime Minister Imran Khan’s recent China visit, Shah stated that the Chinese are the only ones who have chosen to spend and invest in Pakistan at a time when no one else did.
“China and Pakistan are all-weather friends and China reiterated this by committing to help Pakistan with the balance of payment situation,” he explained.
He further added, “The trip was particularly encouraging for Gwadar with both sides reiterating the significance of Gwadar as the central pillar of CPEC and agreeing to further expedite development of the port and its auxiliary projects.”