TPL properties acquires 40 acres land through 100% owned SPV

MG News | January 03, 2022 at 09:33 AM GMT+05:00

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January 3, 2022 (MLN): TPL properties has completed the acquisition of 40 Acres of land, located in Korangi Cantonment, adjacent to the Korangi Creek in Karachi through a 100% owned SPV, company’s filing on bourse showed today.

“The company will be developing a world class mixed-use real estate development, backed by modern IT and related infrastructure, with the support of a leading international firm SSH. It is being designed within an environmental sustainability framework, aligned to the company’s focus of delivering on UN Sustainability Development Goals (SDGs),” the notice said.

To recall, in November 2021, TPL Properties Limited (TPLP) had signed a Memorandum of Understanding (MoU) with Bahria Foundation, a trust that is engaged in industrial, commercial and developmental activities in Pakistan to utilize its expertise to design, develop, construct and market real estate, including potential tourist beach resorts.

“We shall keep our shareholders updated with respect to any further updates by making further announcements as and when the project progresses,” the notice added.

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