Karachi Division

Karachi | ReNews Pakistan
Standard Chartered Bank Pakistan and Dolmen Group have partnered to provide financing options and purchase benefits to prospective buyers of Grove Residency, a residential development located near the KPT Interchange in Karachi.
Under the collaboration, eligible clients may benefit from savings of at least Rs 5 million on qualifying purchases, along with access to Standard Chartered’s Saadiq Home Finance solutions.
The partnership is aimed at providing greater financial flexibility to individuals seeking to purchase a residence at Grove Residency and supporting homeownership through structured financing options.
Grove Residency is situated near the KPT Interchange in Karachi. The Rs5 million plus saving, however, applies only to qualifying purchases and should not be considered an unconditional discount available across all units or to every customer.
Prospective homeowners are advised to confirm the full terms of the offer directly with Standard Chartered Bank Pakistan and Dolmen Group before making any financial commitments. These include financing eligibility, customer qualification criteria, eligible properties or units, purchase price, the exact form and amount of the saving, financing tenure, down payment requirements, processing charges and other applicable conditions.
The collaboration also highlights a broader trend in Karachi’s property market towards integrating bank financing with residential property purchases, potentially reducing reliance on cash based transactions and supporting genuine end user housing demand.
Buyers are also encouraged to obtain the complete terms of the offer in writing and conduct standard legal, title and project due diligence independently. The financing arrangement should not be treated as a substitute for verifying the legal status, ownership documentation and other relevant aspects of the property.
Developer bank partnerships of this nature reflect an evolving approach to residential sales, where financing solutions and purchase incentives are increasingly being combined to make homeownership more accessible to eligible buyers.

Karachi | ReNews Pakistan
Bank Makramah Limited has completed the sale of Cullinan Tower, formerly known as Summit Tower, in Clifton, Karachi, for a total consideration of Rs 12 billion.
The bank disclosed the completion of the transaction as material information to the Pakistan Stock Exchange on September 2, 2026. The transaction was initially announced on August 1, 2025, and has now been finalized following receipt of the full sale consideration.
The property is located at Plot No. G 2, Block 2, Scheme 5, Clifton, Karachi. The receipt of the full Rs12 billion consideration marks the completion of the significant corporate real estate transaction.
Bank Makramah has indicated that the proceeds from the sale will contribute to strengthening its financial position, making the transaction notable not only for its scale but also for its potential impact on the bank’s capital and asset management strategy.
The Rs 12 billion transaction represents a substantial disposal of corporate real estate in Karachi’s prime Clifton market. Large transactions of this nature can provide an indication of activity, liquidity and capital deployment in the commercial property sector.
However, the Rs 12 billion consideration relates specifically to this transaction and should not be treated as a universal valuation benchmark for other properties in Clifton or Karachi. Property values can vary significantly depending on location, size, construction quality, permitted use, occupancy and other market factors.
The transaction also highlights how financial institutions can use the disposal of significant real estate assets as part of a broader balance sheet and capital management strategies, particularly when proceeds are directed towards strengthening the institution’s financial position.

Karachi : ReNews Pakistan
Karachi Mayor Barrister Murtaza Wahab has inaugurated a Rs 360 million rehabilitation and improvement project on Jahangir Road, covering the section between Guru Mandir and Teen Hatti, with the initiative aimed at improving traffic flow, road infrastructure and rainwater drainage in one of the city’s busy corridors.
According to a statement issued by the Karachi Metropolitan Corporation (KMC), the completed project covers approximately 1.4 kilometres of the two-way Jahangir Road. As part of the rehabilitation, the road has been widened from 26 feet to 32 feet to provide additional space for traffic and facilitate smoother movement of vehicles.
The project involved extensive pavement and asphalt works. Contractors installed around 252,000 square feet of 80 millimetre paving blocks and 70,000 square feet of 60 millimetre paving blocks. In addition, approximately 50,000 square feet each of asphalt base course and asphalt concrete were completed as part of the road reconstruction.
A major component of the project was the rehabilitation and upgrading of the drainage and sewerage infrastructure along the road. Damaged sewerage lines were repaired, while more than 11,800 running feet of trenching was completed for the installation of a 36 inch diameter stormwater drainage line.
The upgraded drainage network has also been connected to the Lyari River to improve the disposal of rainwater and reduce the risk of water accumulation on the road during heavy rainfall. The project included the construction of 45 manholes to support the drainage system and facilitate future maintenance and access.
The rehabilitation work also focused on improving road safety and pedestrian facilities. Lane markings, kerb blocks and footpaths were completed on both sides of Jahangir Road, providing improved facilities for pedestrians while giving the rehabilitated corridor a more organized layout.
To enhance visibility and improve the overall environment of the road, 80 new solar powered streetlights have been installed. Six damaged light poles were also replaced during the project.
Speaking at the inauguration, Mayor Murtaza Wahab said the rehabilitation of Jahangir Road would help improve traffic movement in the area while also strengthening the drainage system to ensure more effective rainwater disposal.
The project is expected to provide a combination of improved road capacity, upgraded drainage and sewerage infrastructure, better pedestrian facilities and enhanced street lighting for residents and commuters using the Jahangir Road corridor.