Pakistan Credit Rating Agency upgrades project grading of Centrepoint Karachi

Lahore, March 22, 2013 (PPI-OT): The Pakistan Credit Rating Agency Limited (PACRA) has upgraded Project Grading of Centrepoint Karachi to ‘PG2′ (PG two) from ‘PG2-’ (PG two minus). The grading denotes prospects of execution of the real estate project as per plan and the ability to transfer the possession as per terms are highly promising. The grading reflects Centrepoint’s advance stage of completion, reflecting TPL Properties’ strong commitment towards project execution despite operating hindrances.

The project – Centre point Karachi – with revisions in its completion plan in the past is expected to complete in the near term. The grading incorporates the engagement of reputed project consultants supplemented by a rental yield based model, more suitable to current operating environment.

TPL Properties’ ability to achieve successful commissioning while attaining defined project quality parameters has been considered critical. Meanwhile, the cost over-run has been managed through a mix of additional funding from sponsors and borrowings.

For more information, contact:
Hammad Rashid
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com

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