Documents signed with Waves Singer: NBP accepts Rs. 1,500 million financing for housing project

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KARACHI: The National Bank of Pakistan (NBP) has approved financing of Rs 1,500 million for an affordable housing project being developed by Waves Singer Pakistan Limited.

According to material information sent to the Pakistan Stock Exchange on Monday, a ceremony where documents were signed by NBP and Waves in this regard was held at a hotel in Lahore.

With a commitment of Rs 1,500 million, NBP will be one of the largest financiers of the project, reveal the information provided. The NBP is also the lead advisor and mandated arranger for the next syndicated financing facility to further the development of the project.

This funding shows that NBP is playing an active role when it comes to supporting the development of the real estate sector in the country.

Waves has been a prominent player in the home appliance market in the country for nearly five decades and is now venturing into the real estate business. This funding will make it possible to launch the development of the housing project.

The modern project is being launched under the brand name “Waves Enclave” and will target the affordable housing segment of the market with an inventory of over 1,000 apartments. It will be located at the entrance to Lahore, between Thokar Niaz Baig and Allama Iqbal Town on the main orange metro line.

Renowned architects and consultants have been hired for the project and it is in the process of obtaining the required approvals. Its official launch is expected in the second half of the year, according to the information provided.

Copyright Business Recorder, 2022

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