KARACHI: Bank Al Habib has decided to purchase a new high-rise building, Centrepoint, in Karachi from TPL Properties, in a major development in the city’s property market.
According to two notices issued by both Bank Al Habib and TPL Properties to the Pakistan Stock Exchange on Thursday, TPL’s board of directors approved the sale of ‘Centrepoint’, which is a high-rise building located on Shaheed-e-Millat expressway, opposite the KPT interchange in Karachi.
The transaction would be subject to the completion of necessary formalities and obtaining all necessary approvals and consents.
The 28-story Centrepoint stands 385 feet high, and has been constructed on 26,226 square feet of land. It has 197,810 square feet of rentable space, with the offices on 17 floors (from the 11th floor to the 24th, and the 26th and 27th floor).
The building is considered TPL properties flagship project, and has been built accordingly, with facilities such as built-in IT infrastructure, international standards of security and fire safety, nine floors of dedicated parking, and an in-house independent power generation unit.
The high-rise, which according to TPL has been designed in mind for ‘high-end corporation’, also features a health club, a swimming pool, and a coffee bar. TPL Properties has also promoted the project’s location as an alternative to the city’s usual financial hub of I.I. Chundrigar Road or the Shahrah-e-Faisal artery, instead pointing out its ease of access to Defense, Korangi, and the airport.
The decision represents an upgrade and change for Bank Al Habib. Its current head office is a significantly older and smaller building located on I.I. Chundrigar Road, where other banks’ head offices are also located, such as Habib Bank Ltd., and MCB Ltd.
Centre point is a state of the art building and the corporate sale to one of the most profitable bank s is testimony to the fact that quality sells . It will give a very good signal to the developers and builders to go for quality and not to compromise
An other Bhotto come and Nationalize this bank Al Habib Building like past
Shakes b thrown in parks hurriedly t fetch buyers
Shares b thrown in market hurriedly t fetch buyers
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