OFF PLAN APARTMENT EMAAR CRESCENT BAY KARACHI PAKISTAN Start Price USD 25,000.00 Current Price USD 25,000.00 Time Left - Bid Count 0 Buy It Now Price - Reserve Price - Start Time Tuesday, November 25, 2008 End Time Thursday, December 25, 2008 Location Karachi See more about 'OFF PLAN APARTMENT EMAAR CRESCENT BAY KARACHI PAKISTAN' Description Do you want to own your very own upmarket apartment in Karachi, Pakistan? I am offering for sale a fantastic upmarket Emaar Cresent Bay Apartment in Defence Phase 8 Karachi. This is NOT you run of the mill property in Karachi. This is being developed & built by Emaar (From Dubai). Emaar are the biggest builders in the Middle East. An exclusive project built on 75 acres of reclaimed land right on the tip of Phase 8 in Defence. The apartments in this amazing project sold out within hours of its launch and prices are expected to double by completion & handover of this project. Within this development there will be a 5 star hotel, shopping malls, gyms, swimming pools, parks and mosques all within close proximity to the apartment. The entire project consists of 3 Crescents, 2 of the 3 cresents will have public access and the third will be exclusive to residents of that crescent with high security in place 24 hours. Over half of the exclusive Crescent has been sold to foreign buyers who will probably use them as holiday homes. The apartment I am offeing for sale is in Pearl Tower 1. Pearl Tower 1 is THE SIGNATURE TOWER. It is the BEST tower of the lot and the one that is on the tip of the exclusive crescent overlooking the arabian sea. The apartment itself is a 3 bed + maid 2400 square feet one. I have gone for all the upgraded products, like granite worktops in kitchens, high finishing bathrooms, upgraded tiles etc. The price I paid for this apartment is RS 4.25 crore  This project is out of this world and prices will surely rise considerably before completion. Many high profile Pakistani (resident & non resident) people have bought in the same tower. I am offering this apartment for sale for exactly what I paid for it. The Global Credit Crunch has meant I am unable to proceed with further payments. There is an excellent Payment plan in place and staged payments must be made over the next 4 years to completion. I have made a 5% first payment and the next payment is due on the 28th December 2008 of 5%. A mortgage can be obtained from a Pakistani Bank if needed. The amount that needs to be paid now to buy this fantastic apartment is RS 21 Lacs (approx $25k) I will pay all transfer costs. I will also pay for the buyer to fly with me to Karachi to get the transfer done. You will NOT get another chance to buy such a spectacular property in Karachi at this LOW PRICE.  A fantastic business opportunity or even one to keep for yourself. Please email me if you have any questions.   The following is an article taken from The Jung (Pakistans Daily Newspaper) website. Infact if you Google "Crescent Bay Karachi" and see what comes up. On January 31 2008, Emmar Chairman Mohamed Alabbar told Erin Burnett of CNBC that a major project in Karachi sold out within hours of its being offered for sale. The project he was referring to is Emaar's Crescent Bay Project in Karachi. Crescent Bay was launched on May 31, 2006 as part of a US$2.4 billion investment in Pakistan by Emaar. According to Emaar, Crescent Bay is a 75-acre development featuring high- and mid-rise towers for residential and commercial use, a shopping centre and five-star beachfront hotel. The towers will contain approximately 4,000 residential apartments. Crescent Bay is located within Karachi’s DHA Phase 8 and in close proximity to the DHA golf course. Below is an artist's rendering of the completed project:A friend of mine in Karachi reported via email as follows: "The first phase was overbooked in less than an hour of opening of the counter. Then there was balloting. Those who one were given a piece of paper. That piece of paper is already 10 times its original value.There is no demarcation. Not even one pick ax has hit the ground. Only leaflets and pamphlets and Emmar's name sells.It is said that one apartment presently priced at Rs 20 million will change hands much before its completion at more than twice this amount.There are investors planning to buy a whole tower, to resell later.One tower would on the average consist of 80 to 160 apartments. The payments would be in instalments according to phases of completion. All payments shall be strictly cash!On Dec-15-08 at 13:46:05 PST, seller added the following information: I have had an offer of $12500 (Half of what I have paid) to take over the apartment.I have had a few emails regarding this property so if this property is of interest to you then please contact me asap.I need to sell over the next few days as another payment is due. Thanks Place a Bid!