Bahria Town and a US investment group have signed a memorandum of understanding (MoU) to develop the $20bn Bodha Island City in Karchi, Pakistan.
Bahria Town, in collaboration with foreign firms associated with American real estate developer Thomas Kramer, are planning to construct the world’s tallest building and several other projects in Karachi, under the MoU.
Bodha Island, which will cover 12,000 acres of land, is planned to be developed within a period of five to ten years.
After completion, the project will feature a shopping mall, which is claimed will be the world’s largest mall, a sports city, an educational and medical city, an international city and a media city.
The project will also feature mosques, cinemas, spas, golf clubs, a school and a hospital.
Bodha Island City will be linked to the DHA Karachi through a six-lane modern bridge.
The residential communities in the project are expected to be delivered in 2016.
Bahria Town current consultant and former chairman Malik Riaz Hussain was quoted by the Express Tribune as saying that construction sector has played a crucial role in making the US, Malaysia, Japan, Turkey and Germany into developed countries and in the same manner Pakistan will also become a developed country.
"This project will not only provide 2.5 million jobs but will help revive 55 national industries and provide housing to a million Pakistanis," Hussain said.