National Bank of Pakistan has approved financing of Rs1,500 million for an Affordable Housing Project being developed by Waves Singer Pakistan Limited, according to company filling to the exchange.
A signing ceremony between NBP and Waves in this regard was held at a hotel in Lahore.
With a commitment of Rs1,500 million, 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 Real Estate sector in Pakistan.
Waves has been a prominent player in the home appliance market of Pakistan for almost last five decades and is now venturing into real estate sector. This financing will kick start the development of housing project.
This state of the art project is being launched under brand name “Waves Enclave” and will target 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 AJlama 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 later half of this year.