The Pakistan Credit Rating Agency Limited
09-Apr-24
Analyst
Hashim Yazdani
hashim.yazdani@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
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PACRA Withdraws Project Grading of Oasis Park Residencia
| Rating Type | Project Grading | |
|
Current (09-Apr-24 ) |
Previous (13-Apr-23 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | PG3+ |
| Short Term | - | - |
| Outlook | Stable | |
| Rating Watch | - | - |
Subsequent to management's decision to discontinue the project grading of Oasis Park Residencia,
PACRA withdraws the project grading of Oasis Park Residencia with immediate effect.
About
the Entity
BRB Properties Builders and Developers is a sole proprietorship owned by Mr. Khawaja Bilal Azam. The principal activity of the company is to invest, purchase, develop and built residential and commercial real estate projects. The company is situated in Karachi and is currently working towards its first project Oasis Park Residencia which started in 2018. The project involves the construction of 334 bungalows residential society spread over 24 acres of land located on main super highway, District Malir Karachi. Additionally, the company has plans to construct two high rise buildings for commercial and residential use on the same property in near future. Mr. Khawaja Bilal Azam is spearheading the operations along with a team of qualified professionals having requisite experience. The BoD consists of members from the sponsors family with Mr. Khawaja Bilal Azam acting as the Chairman. The organization has a lean structure with each department being headed by a competent resource.