| Crescent Bay | |
| Location: | Karachi, Pakistan |
| Status: | Under Construction |
| Start Date: | 2006 |
| Est Completion: | 2050 |
| Building Type: | Residential Commercial Retail |
| Cost: | $2.4 billion |
| Developer: | Emaar Properties Giga Group of Companies |
| Management: | Hill International |
| References: | Emaar Pakistan - Official website Giga Group of Companies - Official website |
Crescent Bay is a 108acres under-construction upscale mixed-use oceanfront development in Defence, Karachi, Pakistan consisting of 50 towers. It is a joint venture by EMAAR and Giga Group.[1] Land reclamation on the project was completed by Mazyood Giga International, a subsidiary of Giga Group, with the help of Halcrow Consultants.
The development features 50 high and mid-rise towers for residential and commercial use, a shopping centre, a five-star beachfront hotel and a tower located in the middle of the project. The development includes approximately 4,000 residential apartments. Begun on May 31, 2006, when completed the development would be the first development with a private beach and also the first based on reclaimed land.[2]
Even though the development sold out in 2008,[3] it faced significant delays, initially due to the liquidity crisis faced by Emaar Properties following the 2008 financial crisis. Later, due to a legal battle with DHA Ltd allegedly for breach of contract.[4] The construction resumed in 2015 and is contracted to NESPAK. As of 2022, 38-storey Coral Tower (2 towers), Pearl Tower (3 towers) and Reef Tower (2 Towers) are complete. As of 2022, Residential properties are priced from 300,000$ to 600,000$.[5] [6]