ChenOne moves into real estate
With the dwindling number of residential plots and the subsequent increase in prices in the housing sector, there is a growing demand for apartments throughout Pakistan and an insufficient supply. ChenOne Builders – an offshoot of the well-known apparel and home ware brand – launched COLAH (ChenOne Luxury Apartments & Homes) Properties with the objective of filling this market gap.
Explaining the drive behind ChenOne’s venture into the residential property market, Masood Akhtar Bajwa, GM, ChenOne Developers, says “ChenOne has been offering lifestyle solutions for decades and with the launch of COLAH Properties, we are moving a step closer to realising our objective of offering quality products that improve lives. Our research also revealed that there is a major gap in the property market that we can fill.”
The development of the first initiative of COLAH Properties began in Faisalabad late last year, featuring fully-serviced luxury apartments on Canal Road. The project is spread across 500,000 square feet, while 125,000 square feet have been designated for amenities to cater to the daily requirements of residents. The apartments are available in 10 sizes, offered on a four-year instalment plan, with a 10% down-payment requirement (see the table below for the pricing structure of COLAH Properties Faisalabad).
Bajwa explains that because horizontal spaces are becoming scarce, this has led to an escalation in property prices across Pakistan and, as a result, the middle-income consumer segment is no longer able to buy property. The other problem is that the properties that are within their budget range are located far from the city centre, and living there entails putting up with extensive travel time and costs. Further adding to the woes of prospective homeowners is the fact that there are very limited smaller living space options.
"Horizontal spaces are becoming scarce, which has led to an escalation in property prices across Pakistan and, as a result, the middle-income consumer segment is no longer able to buy property."
According to Bajwa, “affordability is not the only factor; people also want easy access to quality utilities and amenities. The edge that COLAH Properties has is that we are offering all the basic necessities within the residential compound where the apartments are located.”
On-site amenities include grocery stores, laundry shops, housekeeping services, salons, flower shops, a bakery, fruit and vegetable markets, ice-cream parlours and a mosque. Added to this, residents will also enjoy free membership of COLAH Club.
“The club culture has become very popular in Faisalabad. However, the membership of these clubs is so expensive and exclusive that most people are unable to become members. Now, anyone living in our apartments will automatically be given membership, and can begin using the facilities without paying anything extra.” Recreational options include eateries, a coffee shop, a rooftop restaurant, a cinema screen, a play area for children, a food court, a gym, saunas, Jacuzzis, tennis and squash courts, a swimming pool, a snooker area, an aerobics studio and even a small cricket ground.