Pakistan is the fastest growing country in South Asia with its urban population likely to be equal to the rural population by 2030. The annual population growth rate of Lahore alone is over 3pc, which means its existing urban infrastructure is quickly going to become inadequate despite the latest sweeping additions.
For as long as I can remember, Lahore has been expanding, engulfing many small towns and villages along its southern and eastern peripheries. These vast tracts of land that were once known for producing high yields of good quality wheat are these days producing plots with comparable regularity, some of which can be as cheap as PKR 50,000 per marla. After all that expansion, what people want is an accommodation near the main commercial and corporate districts of the city and the only plausible way this need can be addressed is through vertical high-rises; saving space, cost and putting Lahore right in league with the world.
In Lahore, the concept of apartment living is becoming more and more common, as people once again shuffle and adjust to a more practical and efficient way of living. The way Askari enterprise – a long established name in communal living – has grown and prospered is a silent endorsement of the fact that the apartment lifestyle is taking a strong foothold in the real estate market of Lahore. This theory is furthermore supported by the multiple projects that plan on pioneering the concept of luxury living in Lahore.
Weighing in the various consumer preferences, a highlight in this multitude of upcoming ventures can be attributed to an exclusive apartment project by the DCC Developers, Address-73, which occupies a central location near Kalma Chowk, eliminating the issue of distance for the people who seek a purely residential, absolutely exclusive, and a completely secure lifestyle, while being in the heart of all activity.
People with the perception of finding an attraction in a luxury home that does not require constant maintenance while providing all the suitable amenities that make for comfortable living, will be glad to hear that DCC Developers aims to provide just that.
In the context of comfortable living, Address 73, in my opinion, seems to be offering the best combination of luxury and functionality, which might in fact, be completely unique in Lahore. It stands out on the basis of its custom-made penthouses, topped with a beautifully landscaped rooftop garden, and excellent facilities in terms of individual parking lots and a top-notch 24-hour security system.
From what I can tell, the apartments’ floor plans aim to spoil residents with both luxury and practicality; its well-lit, ventilated feel can be credited to wide windows and a cost-efficient air-conditioning system, employing the sustainable Variable Refrigerant Flow (VRF). With the use of dedicated high-speed elevators, on-call porter services, designer kitchens fitted with imported appliances to cater to maximum convenience, while providing a fully equipped gymnasium and a swimming pool as well as back-up generators – this project is all set to take Lahore’s market by storm.
In terms of investment, Address 73 is potentially a very profitable project. The reason why I am so certain about the project’s success is the fact that luxury has always been welcomed in Lahore. Be it in the form of designer lawn-ware, exotic cuisines, international brand stores or trendy furniture, people of Lahore cannot seem to get enough of it.
Based on the market survey and general public fondness for sybaritic real estate developments, investors of Address 73 can expect an ROI of 30pc. Moreover, with an expected rental yield of 1pc and an annual rental growth of up to 15pc, Address 73 is hard to be ignored by investors who increasingly find real estate and rental income the most secure and rewarding form of investment in Pakistan.
Address 73 is the kind of project Lahore has been missing all this time. DCC Developers, with the impressive resume of its parent organisation – Dascon Construction Company (DCC), which was established in 1979 and boasts the completion of several thousand square feet of astounding landmarks in Lahore – seems to have all the capacity to deliver exactly what it promises. This is not it, and more details about the project can surely enlighten the public as to why Address 73 is uniquely poised to bring about a sea change in the way Lahore lives.
The writer is real estate analyst..