A multiplex building is a high-rise that includes floors dedicated to apartments, commercial enterprises(including office space, retail space and eateries) and parking space. An increasing number of multiplex buildings are being constructed in Karachi and attracting investment from across Pakistan.It is expected that trend of multiplex building will catch on in other cities of Pakistan, including Faisalabad, Hyderabad,Islamabad and Lahore, with in the next two to three years.
If you are thinking about purchasing or investing in property in a multiplex building, factor in the following:
* Multiplex buildings are usually built on plots measuring between 1,000 to 2,000 square yards.
* Usually, shops, eateries and offices are located on the ground floor, while parking space can be found on the first
three or four floors; the remaining floors consist of apartments.
* The covered area of apartments ranges between 2,000 and 3,000 square feet; they usually have three to four bedrooms.
*The sizes of retail spaces include 800, 1,200 and 2,400 square feet.
* The value of property in multiplex buildings is approximately eight to 10% higher compared to property in nearby areas;the rental yield is nearly 18 to 20% higher.
* In Karachi, multiplex buildings are primarily located on Allama Iqbal Road, Clifton (Block 9), Khalid Bin Waleed Road and Tariq Road.
* Facilities on offer include round-the-clock security , back-up generators, uninterrupted water supply, parking space and elevators.
By Abdul Majeed Abbasy. The writer is CEO, Property Chase.