Follow Us on Google News
Pakistan Hotels Developers Limited (PHDL) has transferred physical possession of Regent Plaza, a four-star hotel in Karachi, to the Sindh Institute of Urology and Transplantation (SIUT) Trust for conversion into a hospital.
Regent Plaza Hotel and Convention Centre, located on main Sharea Faisal, spans an area of 13,200 square yards with a total covered area of 47,034 square yards.
“We are pleased to inform you that, in continuation of the sale agreement, the requisite approvals from designated authorities have been obtained, and the process of title transfer of Regent Plaza Hotel to SIUT Trust will be executed this month,” read the notice.
According to PHDL, SIUT Trust has paid 80% of the sale proceeds to the company on July 1, 2024, following the original sale agreement made on November 15, 2023, and the third addendum dated July 1, 2024. This payment is in addition to the 10% down payment made at the time of the sale agreement. The remaining 10% balance will be paid upon completion of the title transfer.
PHDL stated that physical possession of the property was handed over to SIUT Trust on July 1, 2024, following the payment of 90% of the sale value.