April 18, 2022 (MLN): The National Bank of Pakistan (PSX: NBP) has approved financing of Rs1.5 billion to kick start the affordable housing project being developed by Waves Singer Pakistan Limited (PSX: WAVES), the company filing on PSX showed on Monday.
This state-of-the-art project is being launched under the brand name “Waves Enclave” and will target the affordable housing segment of the market with an inventory of more than 1,000 apartments. This will be located at the entrance of Lahore between Thokar Niaz Baig and Allama Iqbal Town on the main Orange Metro line. Top of the line architects and consultants have been hired for the project and it is in the process of required approvals. Its formal launch is expected in the latter half of this year.
In this regard, a signing ceremony between NBP and Waves was held at Pearl Continental Hotel Lahore.
With a commitment of Rs1.5bn, NBP will be one of the largest financiers of the project. NBP is also the mandated lead advisor and arranger for the upcoming syndicated finance facility to further develop the Project.
This financing represents the active role NBP is playing to support the development of the Real Estate sector in Pakistan.
Waves has been a prominent player in the home appliance market of Pakistan for almost the last five decades and is now venturing into the real estate sector. This financing will kick start the development of the housing project.
At the time of writing, the stock of the company is trading at Rs16, down by 0.12% DoD.
