KARACHI: International Hospitality Investment Group (IHIG) Pakistan, a subsidiary of IHIG UK, announced expansion of its portfolio to build shopping malls, with the fractional ownership system.
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, Mr. 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 US$ 118 million in Pakistan, IHIG Pakistan has made significant investments across Pakistan and offers business investment opportunities to Pakistani investors in business division; shopping malls, real estate, destination hotels, resort exchange program, and tourism sectors. However IHIG believes this investment amount can be increased up to $150 Million.
Mr. Noor ul Asif, CEO IHIG Pakistan, said: “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.”
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 top business partners, including PIA, CarFirst, Daraz, and many more. Now IHIG’s recent investment in a shopping mall and making it available as a fractional ownership opportunity has gained IHIG a position in a completely different arena.