KARACHI, July 13: The first phase of the Defence Housing Authority’s Waterfront Development Project was launched on Saturday night by the Defence Secretary, Lt Gen (Retd) Hamid Nawaz. Under the project 14 kilometres of prime beach land will be developed.

Speaking on the occasion, the defence secretary said the project, unparalleled in the country’s history, would be beneficial for its economy.

The Karachi Corps Commander and president of the DHA’s executive board, Lt Gen Tariq W Ghazi, said the DHA had already achieved the financial close of the project which was expected to generate about 120,000 jobs.

The project, he claimed, would give a tremendous boost to economic activities in the country by opening up new avenues for investment and employment. The profits made from the project would be spent in building a power plant, a desalination unit and other infrastructure facilities.

Under the first phase of the project twelve 14-storey apartment blocks will be built on a piece of land measuring 17.5 acres. The blocks will have three to four bedroom apartments, besides penthouses, with or without swimming pools.

According to a speaker, the cost of the apartments will range from Rs5.95 million (for a 3-bedroom apartment) to Rs12 million (for a luxury penthouse).

After the speeches by senior officials representing the different companies involved in the project, a spectacular display of fireworks took place which was appreciated by all, followed by performances of two well-known singers, who entertained the guests.

The proceedings of the event were conducted by Moin Akhtar and Samina Peerzada.