Karachi’s Regent Plaza Hotel Sold to SIUT, Set to Become Medical Facility
— July 2, 2024
KARACHI (AIA) In a significant development, Pakistan Hotels Developers Limited announced the transfer of the Regent Plaza Hotel to the prestigious Sindh Institute of Urology and Transplantation (SIUT) Trust, slated for completion this month (July 2024).
According to a notice issued to the Pakistan Stock Exchange (PSX) on Monday, SIUT Trust has paid 80% of the sale proceeds, amounting to a substantial sum, in addition to the 10% balance payment upon completion of the title transfer. This marks a major milestone in the agreement, initially signed on November 15, 2023, and further solidified by the third addendum on July 1, 2024.
As part of the deal, SIUT Trust has taken physical possession of the property, with Pakistan Hotels Developers Limited granted a license to operate until July 17, 2024, to fulfill existing commitments. Thereafter, all operations will cease, paving the way for the transformation of Regent Plaza into a cutting-edge medical hub.
Strategically located on the main Shahrah-e-Faisal, the 13,200-square-yard property boasts a total covered area of 47,034 square yards, primed for its new role as a medical facility. Situated amidst esteemed institutions like the National Institute of Child Health (NICH), the National Institute of Cardiovascular Diseases (NICVD), the Jinnah Postgraduate Medical Centre (JPMC), the Jinnah Sindh Medical University (JSMU), and the Kidney Centre, this medical ecosystem will revolutionise healthcare in the port city.
This landmark deal marks a significant shift in the city’s medical landscape, poised to bring hope and healing to countless individuals.
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