International Hospitality Investment Group (IHIG) Pakistan, a subsidiary of IHIG UK, will be building shopping malls in Pakistan, with the fractional ownership system.
As per details, the first project under its real estate division is launched in the heart of Karachi as a part of IHIG’s investment expansion plans in Pakistan.
Explaining the concept, Alun Richards, Chairman IHIG Pakistan, said: “The Fractional Ownership system, though new in Pakistan is in business all over the globe successfully, particularly in the destination countries. It is a form of collaborative consumption where the overall cost of a property is spilt among a group of owners or users.”
As part of its commitment to invest $118 million in Pakistan, IHIG Pakistan has made significant investments across Pakistan in shopping malls, real estate, destination hotels, resort exchange program, and tourism sectors. However IHIG believes this investment amount can be increased up to $150mn.
IHIG began its Pakistan operations in 2019, with hospitality projects and hotel properties in Balakot, Naran, and Bhurban, and launched “Happily”, a vacation ownership program, in collaboration with business partners, including PIA, CarFirst, Daraz, and others.
“Pakistan is a country full of business potential and opportunities, and we, at IHIG Pakistan, are here with the vision to provide our people to explore them, with maximum returns and minimum risk involved. By bringing IHIG Fractions, a Fractional Ownership brand, we introduce a viable income generating opportunity for our fractional owners through an investment in a Shopping Mall in Karachi,” Noor-ul Asif, CEO IHIG Pakistan, said.