Pakistan's first five star floating hotel and mall, designed by internationally reputed architectures and promoted by local developers, will be built and completed by 2010 at a total cost of six billion Rupees.
This gigantic commercial "complex", will be located on a ship(330feet long and 110 feet wide) towering five storeys high and will be encored offshore near sea view, DHA V and VI, in Karachi Pakistan. It will be built by the Karachi shipyard and Engineering works. The floating hotel and mall will be operated by a hotel management firm. The ships will have shops, restaurants and play areas fro children.
The mall is said to have a security plan that will comply with the International ship and port security code (ISPS). The ISPS code stipulates various minimum regulations, such as the installation of a ship security alert system, CCTV to monitor sensitive areas, restricted access to these areas and fire prevention measures.
There will be 110 shops on board the ship ranging in size from 100 to 1,000 sq feet. Although the prices of the shop have not been made public, a couple of interesting details have emerged regarding the financial aspect of the project. To begin with, buyers will deposit money into as escrow account rather then paying it directly to the developers. However, there investment will be fully insured by a reputed insurance agency in case developers default on any aspect of this project, the first floating hotel and mall in Karachi Pakistan.
Although there will be no restrictions on buying and selling, investors wishing to sell their space will have to pay a one percent transfer fee to the developers. The transfer fee will be based on the prevalent selling price.