KARACHI: Waves Singer Limited, one of the leading electric and electronic appliances companies in Pakistan has approved a plan to relocate its factory to a new larger space and utilise the land for a real estate project.
“An international firm was hired to figure out the best use the current premises and they have recommended developing a real estate apartment project keeping in mind the prime location and the government’s support for construction activity,” the review issued with the quarterly financial results said.
Waves is also planning to relocate to a new purpose‐built larger factory for which land has already been purchased and construction is expected to be started in the coming month, it added.
The statement said, “Waves is cognisant of the challenges ahead and will strive to continue to deliver creditable results, for the benefit of all the stakeholders.”
It said that according to the approved plan the first phase of construction & relocation is expected to be completed by end of 2021. Preparation of master plan by two leading architectural firms is in process on a fast track. Groundbreaking along with start of marketing of the real estate project is aligned with shifting of partial operations after obtaining all regulatory approvals.
Regarding the overall economic and business activities during the pandemic, it said that the country has recovered from the first and second wave faster than anticipated, consequent to which the company experienced an uptick in demand of its products.
Moreover, exchange rate appreciation, stable monetary policy and sustained increase in foreign remittances have provided much-needed impetus required for economic recovery.
