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Corporate Briefing: TPLP plans to be real estate investment holding company with diverse business lines

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August 4, 2021 (MLN): TPL Properties Limited (TPLP) held a corporate briefing session yesterday to discuss key projects, partner network, REIT fund structure and future outlook of the Company.

The holding company, TPL Corp (TPL), is a technology-driven conglomerate with investments in insurance, real estate, security services, asset tracking, technology, IOT and digital marketing.

TPLP is one of the leading real estate developers of Pakistan with a focus on premium projects. The Company has partnered with reputed international design and consultation companies that bring their expertise on various globally renowned projects.

The company has a diverse portfolio of residential, commercial and mixed projects.

According to the key takeaways covered by Taurus Securities, the company wants to put a strong emphasis on sustainable development as the construction sector emits nearly 25% of carbon emissions in Pakistan. TPL REIT plans to utilize carbon-efficient and LEED (Leadership in Energy and Environmental Design) certified green material.

Earlier this year, TPL Properties Limited, through its wholly-owned Subsidiary, G-18 (Private) Limited, had acquired the land in Korangi Industrial Area, Karachi for its first-ever Technology Park. However, regulatory approvals are underway.

Going by the report, the application has also been made to Special Technology Zone Authority (STZA) for tax and other incentives.

The company aims to develop a state-of-art, first-ever Technology Park in the Province of Sindh with high-end technology facilities. Such infrastructure shall provide a platform to the IT Sector across Pakistan. The estimated project cost is Rs6.6billion with an internal rate of return (IRR) of 28%. It is expected that this Technology Park will be completed by October’23.

The management of the company revealed the project summary of its mid-rise community project that featured residential apartments, commercial offices and retail space along with various other facilities. The estimated development cost of this project is Rs168bn with an IRR of 45%. The expected completion date is 2032, whereas the development of the first phase is expected to complete in 4 years. As of now, land has been acquired in Korangi – Deh Dih Tapoo, Ibrahim Hyderi and the consultant selection process is underway, the report said.

Shedding light on its another project “Pakistan’s first Gold LEED-certified luxury residential apartments and retail showrooms”, the management of the company said this project will be equipped with modern amenities, with an estimated project cost of PKR6bn and IRR of 20%. The expected completion date is Jun’24. As of now, land has been acquired and regulatory approvals have been received. The expected groundbreaking ceremony is Aug’21. The company wants to use this project as a marketing tool for future projects, it added.

With regards to future outlook, TPLP plans to be a real estate investment holding company with diverse business lines including real estate development, property management, REIT management and real estate investment management. The company expects revenue streams from each of the business lines through dividend income, capital appreciation and developer margin, the report highlighted.

Also, the company recently sold Centerpoint to Bank Al Habib for nearly USD 48Mn. TPLP plans to create future projects to further introduce the co-working space concept in Pakistan and diversify into other commercial property projects as well such as smart warehousing as e-commerce picks up pace.

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Posted on: 2021-08-04T15:27:00+05:00

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