Crescent Bay is a under-construction upscale

mixed-use Mixed use is a type of urban development, urban design, urban planning and/or a zoning classification that blends multiple uses, such as residential, commercial, cultural, institutional, or entertainment, into one space, where those functions ...

oceanfront A coast (coastline, shoreline, seashore) is the land next to the sea or the line that forms the boundary between the land and the ocean or a lake. Coasts are influenced by the topography of the surrounding landscape and by aquatic erosion, su ...

development in Defence,

Karachi Karachi is the capital city of the Administrative units of Pakistan, province of Sindh, Pakistan. It is the List of cities in Pakistan by population, largest city in Pakistan and 12th List of largest cities, largest in the world, with a popul ...

Pakistan Pakistan, officially the Islamic Republic of Pakistan, is a country in South Asia. It is the List of countries and dependencies by population, fifth-most populous country, with a population of over 241.5 million, having the Islam by country# ...

consisting of 50 towers. It is a joint venture by EMAAR and Giga Group. Land reclamation on the project was completed by Mazyood Giga International, a subsidiary of Giga Group, with the help of Halcrow Consultants. The development features 50 high and mid-rise towers for

residential A residential area is a land used in which houses, housing predominates, as opposed to industrial district, industrial and Commercial Area, commercial areas. Housing may vary significantly between, and through, residential areas. These include ...

and

commercial Commercial may refer to: * (adjective for) commerce, a system of voluntary exchange of products and services ** (adjective for) trade, the trading of something of economic value such as goods, services, information or money * a dose of advertising ...

use, a

shopping centre A shopping center in American English, shopping centre in English in the Commonwealth of Nations, Commonwealth English (see American and British English spelling differences#-re, -er, spelling differences), shopping complex, shopping arcade, ...

, a five-star beachfront hotel and a tower located in the middle of the project. The development includes approximately 4,000 residential apartments. Begun on May 31, 2006, when completed the development would be the first development with a private beach and also the first based on

reclaimed land Land reclamation, often known as reclamation, and also known as land fill (not to be confused with a waste landfill), is the process of creating new land from oceans, seas, riverbeds or lake beds. The land reclaimed is known as reclamatio ...

. Even though the development sold out in 2008, it faced significant delays, initially due to the

liquidity crisis In financial economics, a liquidity crisis is an acute shortage of ''liquidity''. Liquidity may refer to market liquidity (the ease with which an asset can be converted into a liquid medium, e.g. cash), funding liquidity (the ease with which borrow ...

faced by

Emaar Properties Emaar Properties (or simply Emaar) is an Emirati real estate development company located in the United Arab Emirates. The two largest shareholders are Dubai ruler Mohammed bin Rashid Al Maktoum and the UAE's sovereign wealth fund Investment Corpor ...

following the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

. Later, due to a legal battle with DHA Ltd allegedly for breach of contract. The construction resumed in 2015 and is contracted to NESPAK. As of 2022, 38-storey Coral Tower (2 towers), Pearl Tower (3 towers) and Reef Tower (2 Towers) are complete. As of 2022, Residential properties are priced from 300,000$ to 600,000$.

References

External links

Official Website

Pakistan Defence Officers Housing Authority
{{Shopping malls in Pakistan Apartment buildings in Pakistan Hotels in Karachi Skyscrapers in Karachi Defence, Karachi Business parks of Pakistan Shopping malls in Pakistan

See also

References

External links