PROJECT REPORT

Pakistan As The Destination For

Investment

Submitted By :
1.Saadut Murtaza
2.Rehan Yousaf
3.Imran Ramzan
4.Naveed Nasir
Submitted To :
Mr. M.Saleem Siddiqi

Business Communication
Submitted On : November 26, 2007

Department of Administrative

21065515.doc i
 Sciences

Quaid-I-Azam University
Islamabad

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 ACKNOWLEDGEMENT

By the gratuitous benevolence of Almighty Allah, we have completed this project report
with all of our rigorous efforts. We hope that this project will eminently illuminate our
decorous diligence made for the completion. We are very thankful to Mr. M. Saleem
Siddiqi for guiding and helping us throughout in completion of this report. We hope that
you will like our efforts and take advantage from findings of this report.
We would like to take this opportunity to thank the staff of Centaurus for their support
& participation made it possible to present this project.

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 Executive Summary

This report is on the investment opportunities in Pakistan. In this report we have

explained why Pakistan is an investment paradise for foreign investors & what are the
policies of the Government that persuade investment. We have selected the Services-cum-
Manufacturing Sector.

First of all we have described the Mission, Vision, Goals, & Objectives of the company.
Secondly, we have explained that how the company is going to initiate the project & what
are the measures taken for Budgeting, Construction, Purchasing, & Marketing activities.

Moving ahead, we have developed marketing plan, financial plan, & operational plan for
Centaurus. It is important to learn the practical implementation of the
financial/investment systems in an organization along with the book knowledge.
Furthermore we provided research findings by risk analysis & economic analysis. Then
we developed feasibility report that helps investors to see what are the prospects of
Centaurus in short term as well as long term.

This project is comprised of research presentation by both academic and professional

aspects of “Pakistan as the destination for investment”. It will help to learn the
management techniques that improve the performance and professionalism of any finance
manager. learning of this project will give the policy and procedural template to jump
start the management system development. Going through the practical knowledge that
could be achieved from this report can warn you of the management and technology
pitfall bundled with financial investment usage.

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 Table of Contents
1. Introduction of Company

Mission Statement

Goals & Objectives

Brief History of Company

2. Reasons for Investment in Pakistan

3. Description of Investment Sector

4. Project Plan

Work Breakdown

Pert Diagram

5. Marketing Plan

6. Financial Plan

Financial Feasibility

Budgeting Plan

7. Economic Analysis

8. Risk Assessment

9. Operational/ Technical Plan

Technical Resources

Physical Layout

Inventory Management

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 10. Services & Operations

11. Conclusion

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 Introduction of Company
PakGulf Construction Private Limited (PGCL):
Mission Statement

“The company believes in passing on bulk of the price and regulatory advantages to its
customers because it believes that businesses can grow only by increasing prosperity at
the widest possible scale, which is the sole justification for the existence of businesses. In
spite of the odds that are likely to become tougher, the company will continue to do well
by sharing these benefits with its valued customers”.

Goals & Objectives:

1. Aim to gain the confidence of all its stakeholders by earning a credible reputation
for being an innovative enterprise that is prepared to change in the best interests of
its stakeholders.
2. Continually monitor structural changes in the various sectors of the economy, and
accordingly alter the Company's business strategy to benefit from the emerging
opportunities.
3. Focus on changing customer needs and strive to improve tangible and intangible
returns to its customers by providing service and satisfaction at par with the best in
the industry, which would be reflected in prompt risk evaluation and facility
disbursement procedures and practices.
4. Consciously share, and remain part of all initiatives by the leasing industry to play
a positive role in the evolution of small and medium-size enterprises to expand the
country's industrial base and support economic growth, higher employment, and a
better future for all.

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 Brief History of Company
PakGulf Construction Limited (PGCL) is a prominent real estate firm based in
Islamabad, Pakistan. With a vision to take Pakistan into the next century, our philosophy
is to create groundbreaking structures with modern methods & cutting edge technology.
We believe in providing world class luxury lifestyle of our valued clients.

The Company commenced operation in September 1996. During the past ten years,
following the above policy, it has built a strong customer base and a reputation for being
the provider of both high quality and competitive service to is expanding client base.
Today, 85% of its net investment in leases is accounted for facilities extended to
industrial and investment enterprises, and the balance to individual consumers.

Our Team of experts manages all projects from inception to conclusion. This includes
land purchase, appointing world renowned architects, executing & monitoring the
progress of the projects with all liaisons & contractors & follow up with the final
handover.

PGCL brings a dynamic real estate project of epic proportions, The Centaurus. Located in
the heart of Islamabad, set against the stunning backdrop of the Margalla Hills, The
Centaurus covers 3 million square feet. This state-of-the-art project will include an indoor
mega, lavish apartments, a premium corporate center & a 7-star deluxe hotel.

PGCL has recruited the internationally acclaimed design firm, Atkins of UK. Atkins is a
multidisciplinary firm, which their services spanning from concept to detailed design in
architecture, interior & landscape. Their recently completed masterpiece is the Burj-al-
Arab Dubai. This venture is progressing from concept to reality at an incredible pace. We
are confident that The Centaurus will be the next icon of the Pakistan. Therefore, PGCL
is a name that adds value to your assets successfully.

Though time, many progressive thinkers across the globe created marvelous structures
that eventually became the identities of their respective countries. Whether it was Gustav
Eiffel’s entrance to a fair in the shape of the Eiffel Tower or the Pharoahs’ final resting
place in the pyramids of Giza, Shah Jehan’s gift of love to Mumtaz as the Taj Mahal, or
the Ming Dynasty’s first line of defense as the Great Wall of China, all these architectural
wonders represent their countries today. At the time of their creation, they were all meant
for different purposes.

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 PGCL's Credit Rating:

Effective January, 2007, the company's Credit Rating reaffirmed as follows by JCR-VIS,
its credit rating agency:
A-2 For short-term
BBB+ For medium to long-term

PGCL's Compliance Status:

The company is regulated primarily by SECP, and on certain matters by State Bank of
Pakistan. Currently, the company meets all SECP regulatory requirements and, as such,
meets all regulatory standards for this sector. In addition to being compliant with all
regulatory requirements, PGL maintains good working relationship with SECP, and has a
reputation of being a professionally managed company.

Organizational Structure
Top Management Board of Directors Senior Management

Mr. Sohail Inam Ellahi Mian Mohammad

Chairman Mr. Pervez Inam Shoaib, ACA
Director CFO & Company
Mr. Fawad S. Malik Secretary,
Vice Chairman Mr. Shaheed H. Gaylani
Director Mr. Saleem Ahmad
Mr. Akbar M. Bilgrami Zafar
Chief Executive Officer Mr. Shaikh Aftab Ahmed Chief Operating
Director Officer

Mr. Sheikh Mohammad Jawed Mr. Aamir Imtiaz

Director Manager Lease
Operations
Mr. Yousuf Jan Mohammad
Director Mr. Abdul Sattar
Dakhan
Syed Masood Hatif Manager
(Retd. Air Marshal) Administration,
Director Legal Affairs

Ms. Gulrukh

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 Internal Auditor

Foreign Investment Mode

Joint Venture

PGCL is joint venture of Al Tamimi Group (Saudi Arabia) and Sardar Builders
(Pakistan).

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 Background of Investment Code
The government is open to foreign investment and offers a package of incentives to
attract foreign investors. As part of an integrated investment promotion strategy, the
government undertook a comprehensive program of social & economic reforms including
liberalization, privatization & deregulation to bring the economy into a fully market-
oriented system. This was aimed at capturing the potential of the private sector in all
areas of the economic activity. Foreign investment is generally subject to the same rules
as domestic investment, with the expectation of certain sensitive areas such as defense,
production, & broadcasting.

The new investment policy provides equal investment opportunities for both domestic
and foreign investors. In new policy (April 1999) foreign investment on repatriable basis
has now been allowed in power generation, telecommunication, highway, construction,
port development, the oil & gas, services, infrastructure, manufacturing, hotel/tourism,
agriculture, & social sectors. Government policies strongly favor investment proposals in
the engineering/capital goods manufacturing sector that have large export or the value
addition and local content components.

The government’s investment policy provides all incentives, concessions, & facilities that
are provided to domestic investors are also available to foreign investors without
discrimination. A number of concession, such as exemptions from custom duties, sales
tax concessions & a tax exemption on investment, as well as guaranteed repatriation
facilities, have been introduced to accelerate industrial development in the country. A
composite scheme of national industrial zones engulfing industrial estates, free industrial
zones, free trade zones & export oriented units(EOU) and estates for small & medium
industries within areas of its boundary has been launched to promote exports.

According to ns investment policy, the incentives for free industrial zones, free trade
zones & export oriented units with be as follows:

The government also established an export processing zone(EPZ) in Karachi and two
new EPZs- in Sialkot & Rawalpindi. The incentives are as follows:

Complete exemption for all federal, provincial & municipal taxes, any foreign exchange
control & insurance regulations as applicable in Pakistan upto year 2000; income
accruing outside Pakistan exempted from tax; the loses, if any, on a industrial unit set up
in the zone may be carried forward indefinitely; import of equipment, machinery &
materials(including components, spare parts & packaging; material) for the enterprises

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setup in the zone is exempted from all federal & provincial taxes & duties including
customs, excise, sales tax, & municipal taxes; “one window” service and simplified
procedures- import permits and& export authorizations are issued by the export
processing zone authority(EPZA); 10% ownership rights; 100% repatriation of capital;
100% repatriation of profits; no minimum or maximum operating in export processing
zones are allows to undertake sub-contracting for units of tariff areas subject to payment
of duties & taxes on value addition only; and units operating in export processing zones
are allows to supply goods to customer manufacturing bonds.

The United States is the top ranking direct foreign Investor in Pakistan. According to the
government ministry of finance, cumulative direct foreign investment from US now totals
$1,248.6 million.

Reasons to Invest In Pakistan

Reason-1: Geo-strategic Location:

Located in the heart of Asia, Pakistan is the gateway to the energy rich central Asian
States, the financially liquid Gulf States & the economically advanced far Eastern tigers.
This strategic advantage alone makes Pakistan a marketplace teeming with possibilities.

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Reason-2: Trained Workforce:

Here the people are mostly English proficient, hardworking & intelligent. They have……
Lesser cost.

Reason-3: Economic Outlook:

Pakistan is one of the fastest growing economies of the world having touched a GDP
growth rate of 8.4 % in 2005 & in 2007-----. Today Pakistan has 160 million consumers
with an ever growing middle class. Foreign investment has risen sharply from at average
of $400 million in the 1990 to over 3.5 billion in 2005-06. Fiscal deficit has declined
from an average 7% of GDP in the 1990 to around 3% in recent years. And FOREX
reserves have increased from $3.22 billion in 2000-01 to $13.14 billion in 2005-06.

Reason-4: Investment Policies:

Current investment policies have been tailor made to suit investor needs. Pakistan’s
policy trends have been consistent, with liberalization, de-regulation, privatization, &
facilitation being its foremost cornerstones.

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Reason-5: Financial Markets:

The capital markets are paying modernized, & reforms have resulted in development of
infrastructure in the Stock Exchanges of the country. The Securities & Exchange
Commission has improved the regulatory environment of the stock exchanges, corporate
bond market & the leasing sector. Whilst the Central Board of Revenue has facilitated
structural reform in tax in tariffs & the State Bank of Pakistan has invigorated the
banking sector into high returns on investment.

Foreign Private Investment (Promotion & Protection) Act 1976:

An Act to provide for the promotion & protection of foreign private investment in
Pakistan. Whereas it is expedient to provide for the promotion & protection of foreign
private investment Pakistan, & for matters ancillary thereto.

Selection of Highly Profitable Sector

There is a lot of tourist potential towards Pakistan due to its ecological, cultural, &
climatic diversity. So it is would be beneficial to invest in such a tourist concerned
country to not only give them a feeling of being facilitated but also provide them
whatever they are having in their hometowns in order to attract more potential tourists
from all over the world. The major contribution of revenue generation in tourism for
Pakistan from different countries is shown in a pie graph along with the revenue
generation by Pakistan in this sector chorologically.

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 japan 14.1 Norway 13.5
Netherlands
10.7 U.K.
Canada23
U.S.A.
Afghanistan
Germany 24.7 India
U.K. 248.6
China
China29.6 Germany
India59.6 Canada
J apan
Afghanistan Norway
77.7 Netherlands
U.S.A. 121.6

Top Ten Tourist Generating Countries to Pakistan-2005

900
800
700
600 Arrivals(000 Nos)
500
400 Reciepts(Us $
300 Million)
200
100
0
96

98

00

02

04
19

19

20

20

20

Foreign Tourists Arrival & Receipts

During the Period 1996-2005

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 The Centaurus:
PGCL is introducing a dynamic real estate project of epic proportions, The Centaurus,
which is progressing from concept to reality at an incredible pace. We are confident that
The Centaurus will be the next icon of Pakistan. Therefore, PGCL is a name that adds
value to your assets successfully.

Structure:
The Centaurus consists of 6.59 acres of architectural brilliance in the heart of Islamabad -
Pakistan. It is under construction on the most expensive plot in the history of Pakistan
and designed by ATKINS, which has a solid reputation in the creation of stunning
buildings like the awe inspiring Burj-ul-Arab, Jumeirah Beach Hotel, Twisting Tower,
21st Century Tower etc.

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The Centaurus consists of 7 Star Hotel, Corporate Complex, Two Residential Towers and
International Standard Shopping Mall. It can bear up to 9.5 Magnitude Earth Quake and
will be completed by 2010.

Centaurus is the brightest constellation in the southern sky, a collection of the most
brilliant stars. We wanted to create a mirror image of that on this planet by bringing
together people who outshine everyone else. People like you, the brightest stars in their
fields.

Yes, The Centaurus is expensive, but then it is not just a building. It is philosophy it is a
tribute to your ability to be ahead of everyone. You deserve something extra. Something
more than today’s VIP or First Class.

The Centaurus is the identity of that new class we are creating. A class that is the most
exclusive in the country, made up of people who can truly represent Pakistan in the
world. Because, there are people who are miles ahead of competition, and then …. There
are those who are light years ahead.

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Site Location:
Welcome to Islamabad, the Capital of Pakistan, a stunning metropolis snuggling in the
backdrop of the Margalla Hills. A progressive city that offers a nourishing climate,
pollution-free environment and an abundant spread of greenery. A city that is carefully
planned and impressively sprinkled with elegant architecture, shopping centers and parks.

Islamabad epitomizes the ambitions of a young and dynamic nation that has set its eyes
on a magnificent future. A city that embraces modernity yet appreciates the time-honored
morals of an era gone by.

Nestled in the commercial heart of the Capital on the confluence of the main Faisal &
Jinnah Avenues in sector F-8 lies the prime corner site of The Centaurus.

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 Composition of the Project

The Centaurus Hotel

Unmatched comfort in the harmony of sophisticated

style. Laze around in any of the 350 rooms including 96
suites adorned with luxury. Spoil yourselves in the spas,
waltz in the grand ballroom or eat to your hearts delight
at the wonderful restaurants. Experience the warmth of
world-class hospitality.

The Centaurus Residencia

Welcome to The Centaurus Residencia. Inspired living for the

entire family. Be ready
The to be pamperedMall
Centaurus by stunning views and
unsurpassed leisure and lifestyle facilities. Whether your
The Mega Mall at The Centaurus offers you 300,000 sq.ft of
residential requirements
absolute excitement. range
Find fromin 1,
yourself 2, air-conditioned
five 3 or 4 luxury floors of
apartments to a plush
shopping pleasure penthouse
with with
prestigious a private
national and pool.
international
brands, world –class leisure amenities, a twin screen cinema, food
court with cuisines from all over the world and ample parking
facilities in the basement

The Centaurus Corporate

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 Destined to become a new business hub, The Centaurus Corporate
complex will provide the ideal environment and infrastructure for
businesses from around the world. These modern office spaces
spread over 22 floors in a highly desirable location. Special
attention to on-site

Take Your Business to New Heights

Destined to become a new business hub, The Centaurus Corporate complex will provide
the ideal environment and infrastructure for businesses from around the world. These
modern office spaces spread over 22 floors in a highly desirable location. Special
attention to on-site facilities includes raised flooring, central air conditioning and express
lifts and exclusive car parking facilities. Quality and innovation come together to create a
pleasant work environment- The Centaurus Corporate complex.

Fabulous Facts:
Prime Corporate Address
22 Executive Floors
Flexible Floor Plans
Raised Flooring
Most Modern Facilities
Central Air Conditioning
Basement & Ground Level Parking
Integrated State of the Art Security & Fire Fighting System

Experience The Opulence:

Unmatched comfort in the harmony of sophisticated style. Laze around in any of the 350
suites adorned with luxury, spoil yourselves in the spas, waltz in the grand ballroom or
eat to your hearts delight at the wonderful restaurants. Experience the warmth of world-
class hospitality.

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 Inauguration Ceremony

The Centaurus Inauguration Ceremony by the President of Pakistan General Pervez

Musharaf.

President General Pervez Musharraf said it was “the right time to invest in Pakistan”
because of the country’s positive economic policies of de-regulation, liberalisation and
privatisation coupled with a liberal foreign exchange regimen.

“We have opened all sectors of the economy for investment and the scourge of red-tapism
and bureaucratic delays are being done away with,” said the president at the foundation-
laying ceremony of The Centaurus. Musharraf said that greater investment was also
helping the country fight extremism and terrorism as both evils stemmed from poverty,
illiteracy and the lack of economic opportunities. He said that all the government’s
policies were in the best interests of the nation. “Whether it is relations with a country,
diplomatic ties or our attitude towards investment, it is being done in Pakistan’s national
interest.”

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Interior Minister Aftab Ahmad Sherpao, President AJK Sardar Zulqarnain, Population
and Welfare Minister Chaudhary Shahbaz Hussain and Chairman CDA Kamran Lashari
attended the ceremony.

DG Board of Investment visits "The Centaurus":

While congratulating the Pak Gulf Construction (Pvt) Ltd. for launching ‘The Centaurus’,
a mega under construction project, Director General Board of Investment Riaz ul Haq has
said that this project would play an important multiple role in attracting heavy
investments both local and foreign and would trigger the economic activities in the
country. He expressed these remarks during a visit to the site office of The Centaurus.
Along with Riaz ul Haq, BOI Director Muhammad Ayub and Project Director Nadeem
Riaz were also present on the occasion. On the occasion, he was given a detailed briefing
about the project by Managing Director Syed Kokab Mohayyud Din, Deputy General
Manager Sales & Marketing Zehra Valliani and Toba Raza, Manager Sales and Marketing
of the PGCL. Later, the Director General Board of Investment and his delegation visited
the site and impressed with the activity and pace of work. He appreciated administration
of Pak Gulf Construction for using latest techniques and technologies during the
construction work of the project. Riaz ul Haq said that Board of Investment is proud of
this mega project and Board of Investment and Pak Gulf Construction (Pvt) Ltd. have a
common objective to bring foreign direct investment in the country. He further said that
the local construction sector has opened up to all investors both local and foreign due to
the present government’s policy of openness which has started yielding positive results.
The Centaurus, scheduled to be completed in 2010, comprises Pakistan’s first seven-star
hotel, one state-of-the-art corporate tower, two luxurious residential towers and a five-
storey shopping mall.

ICCI Delegation takes Interest in The Centaurus:

A 15-member delegation of the Islamabad Chamber of Commerce and Industry (ICCI)
visited the marketing office of ‘The Centaurus’, a mega project being constructed by the
Pak Gulf Construction (Pvt) Ltd. The visiting dignitaries held a detailed meeting with
PGCL Managing Director Syed Kaukab Mohayyud Din, Deputy General Manager Sales

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& Marketing Zehra Valliani, Senior Manager Sales & Marketing Abid Saeed and
Manager Sales & Marketing Tooba Raza. The delegation took keen interest in the project
and extended an invitation to the PGCL Marketing Team to deliver the presentation at the
Chamber’s office across the board. On the occasion, Tooba Raza, Manager Sales and
Marketing, gave a presentation to the ICCI delegation about ‘The Centaurus’ as it would
provide a rich opportunity to the business community of the capital to have detailed
information about the project. The lengthy question-answer session that ensued is an
eloquent testimony to the Chamber’s interest in The Centaurus.

Lunch for Overseas Pakistani in Margalla Hills:

‘The Centaurus’ arranged a formal lunch and orientation session amidst the scenic
splendor of the Margalla Hills at Daman-e-Koh for a visiting delegation of overseas
Pakistanis. The invitees showed keen interest in the landmark of Pakistan and declared it
the most iconic project in the country to date. Lunch was followed by a visit to the
marketing suite.

Seminar on Taxation Laws & Real Estate Sector:

Seminar on Taxation Laws & Real Estate Sector organized by PAKGULF and Mir Khalil
Ur Rehman Memorial Society, in Marriot Islamabad.

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 The Identity of Pakistan
Today more than ever, Pakistan is progressing in many fields. This is the result of its
people thinking ahead of their times. To set this vision in stone, we present The
Centaurus, the icon of Pakistan.

The Centaurus is much more than a building. It is a concrete towards what the future of
this country will look like. It is a reflection of individuals like you, who will make that
future a reality.

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Why Islamabad?
Islamabad is a stunning metropolis in the cradle of Margalla hills. A modern city that
offers a wholesome climate and lush greenery as far as the eye can see. This capital city is
carefully planned and sprinkled with impressive architecture, wide roads and serene
parks. Islamabad epitomizes the ambitions of a young and dynamic nation that has its
eyes set on a magnificent future. Islamabad is a city that simultaneously embraces
modernity and appreciates the time-honored values of an era gone by.

Services by Atkins for The Centaurus:

Atkins is a design led company with a solid reputation in creation of stunning buildings.
Atkins is now one of the largest design firms in the world. Their current portfolio
includes clients & projects in over 80 countries & from all continents.

Clients recognize Atkins multi-discipline design, added value and full range of expertise
that can be provided by one company. For PakGulf, Atkins has provided Architecture,
Interior Design, Civil and Structural engineering, Building Services and Public Health
Engineering Highway Design, Landscape Architecture, Environmental Expertise and
Cost Management.

The Atkins designers work closely with their clients from the outset of the project. Their
design approach endeavors to combine an innovative approach to stunning architecture
with rationalism and practicality and to provide design solutions that are relevant,
appropriate and justifiable with particular emphasis on build ability, budgets and ease of
maintenance.

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The Services:

Atkins is providing the following services to PGCL for The Centaurus:

Concept

Architecture

Interior Design

Civil & Structural Engineering

Building Services & Public Health Engineering

Highways Design

Landscape Architecture

Environmental Expertise

Cost Management

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 Agreement with China State Construction
Engineering Corporation
Pak Gulf Construction (Pvt.) Ltd signs an agreement with China State Construction
Engineering Corporation (CSCEC) for the construction of "The Centaurus". Pak Gulf
Construction (Pvt.) Ltd. is pleased to announce that we have signed an agreement with
the China State Construction Engineering Corporation (CSCEC) for the construction of
“The Centaurus” in Islamabad.

China State Construction Engineering Corporation:

PakGulf Construction (Pvt) Ltd. Has signed an agreement with China State Construction
Engineering Corporation (CSCEC) for the construction of “The Centaurus” in Islamabad.
Worldwide interest was shown by 32 international companies to undertake the
construction of the project and after in depth due diligence the contract was awarded to
China State Construction Engineering Corporation (CSCEC)

Established in 1982, CSCEC has completed over 3,000 mega projects in over 100
countries. Among this exceptional record are the World Trade Centre in Zhejiang ,the
Global Finance Centre in Shanghai ,(101storys) and the Russian Federal Government
Building ,in Moscow(93 storys) . CSCEC is a renowned company being among the top
three construction companies in China and rated number twelve in the world rankings.

CSCEC also has to its credit the record completion of the $230 million Beijing Shopping
Mall in 33 months and the $120 million Sheraton Hotel in Algeria in only 18months.The
company has an enviable profile in the design and construction of five star deluxe hotels,
shopping malls, apartments and office blocks.

The Centaurus will be constructed in accordance with the Atkins design and
specifications. All international standards and safety recommendations will be strictly
followed.

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 Work Breakdown Structures
1. Initiation of the Project
 Selection of the land
 Selection of the location
 Contacting with the property dealer
 Purchasing land
 Application to Ministry of Tourism
 Fulfillment of requirement criteria
2. Budgeting
 Loan from bank
 Mode of mortgage
 Payback period
3. Construction
 Preparation of map
• Hiring a civil engineer
• Approval by a government
 Contracting
 Furnishing
• Contracting to an interior decorator
• Installing of apparatus & other hardware
4. Purchasing
 Purchasing of furniture
 Purchasing of computers &printers
 Purchasing of televisions
 Purchasing of LCDs from Sony
5. Marketing
 Hiring a web developer
 Launching it on the ISP
 For online booking contract to the banks

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 Marketing Plan
I. Current Market Situation:
Hotels in Islamabad (Concerned Market Players):
• Serena Hotel Islamabad

• Marriot Hotel Islamabad

• Hotel Crown Plaza Islamabad

• Best Western Hotel Islamabad

• Holiday Inn Islamabad

• Envoy Continental Hotel Islamabad

• Islamabad Regency Hotel

• Pak Palace Hotel Islamabad

• Dream Land Motel Islamabad

• Hotel Marina International Islamabad

• Hotel Ambassador Islamabad

• Royal Inn Hotel Islamabad

• Hotel De Papae (Inti) Islamabad

Hotels in Rawalpindi: • Flashman’s Hotel Rawalpindi

• Pearl Continental Hotel Rawalpindi

Pakistan
Hotels in Peshawar:
• Shalimar Hotel Rawalpindi Pakistan
• Pearl Continental Hotel Peshawar
• Hotel Akbar International
• Hotel Grand Peshawar
Rawalpindi

• Heaven Inn Model Rawalpindi

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 Grand Mercure Karachi Airport Hotel • Avari Towers Hotel Karachi
Peshawar
• Marriot Hotel Karachi

• Dream World Hotel &Resort Karachi

The Hotels in Lahore: • Regent Plaza Hotel & Resort
• Avari Hotel Lahore Karachi

• Carlton Hotel Karachi

• Pearl Continental Hotel Lahore
• Mehran Hotel Karachi
• Leaders Inn Hotel Lahore
• Grand Mercure Airport Hotel
• Holiday Inn Lahor
Karachi
• Hotel Sunfort Lahore
• Days Inn Hotel Karachi
• Lahore Country Club Hotel Lahore
• Beach Luxury Hotel Karachi
• Quick Continental Motel Lahore
• Metropole Hotel Karachi
• Hotel Ambassador Lahore
• Liberty Hotel Karachi
• Hotel Crowne Plazza Lahore
• Faran Hotel Karachi
• Amer Hotel Lahoe
• Bloom Luxury Hotel Karachi
• The Residency Hotel Lahore

• Best Westen Shalimar Hotel Lahore

Hotels in Multan:
• Regency Inn Hotel Lahore
• Holiday Inn Multan

• Sindbad Hotel Multan

• Dubai Palace Hotel

Hotels in Karachi:
Hotels in Hyderabad:
• Pearl Continental Hotel Hotel
Karachi • Indus Hotel Hyderabad

• Sheraton Karachi Hotel and Towers Hotels in Sialkot:

Karachi
• Hotel Taj Palace Hotel Sialkot

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 • RT Hotel Sialkot • RockCity Resort Swat

• Kalam Motel

• Malam Jabba Motel

• Miandam Motel
Hotels in Northern Areas:
• Shangrila Pines Hotel Nathia Gali
• Ayubia motel Muree
• Khaplu Motel Baltism
• Pearl Continental Hotel Bhurban
• Shangrila Skardu Hotel & Resort
Muree
Hotels in Balochistan:
• Shangrila Resort Hotel Muree
• Ziarat Motel
• Gilgit Motel Gilgit
• Quetta Sarena Hotel Quetta
• Hunza Motel Gilgit

• Gilgit Sareena Lodge

Hotels in Faisalabad:
• Hunza Baltit Inn Sarena Gilgit
• Faisalabad Serena Hotel Faisalabad
• Hunza Marcopolo Inn Hotel Hunza
• Prime Hotel & Restaurant Faisalabad
• Chitral Motel
Hotels in Gawader:
• Hindukush Heights Hotel
• Zaver Pearl Continental Hotel
• Naran Model
HotelS In Mirpur
• Balakot Motel Back to Top
• Mirpur Regency Hotel
• Swat Sarena Hotel

SWOT Analysis

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Strengths Weaknesses

 Abundant land & natural resources  Failure risk involvement.

 Strong human resources  Far away from industrial hub (Karachi).

 Large & growing domestic market  Surge in fuel prices.

 Well established infrastructure system  Unskilled labor.

 Strategic location as a regional hub

Opportunities Threats

 Globalization effect increases customer

 Political un-stability.
traffic.
 Economic uncertainty.
 Empty space in 7 star hoteling in
Pakistan.  Terrorism.
 Technological reforms  Natural disasters (e.g. earthquake.).

21065515.doc 26
 II. Marketing Strategy

1. Positioning:
As a hotelier, our guest is the ultimate boss & there is a famous adage

“We are ladies & Gentlemen serving Ladies & Gentlemen”.

2. Pricing Strategy:
Our target customers are mainly the middle high class flourishing in the country and national &
foreign delegations. So The Centaurus will use skimming pricing strategy.

3. Marketing Communication Strategy

Communication Channels:
 Business news television.

 Print media (e.g. Economist, The News, The Times, Dawn etc )

 Electronic media (www.thecentaurus.com, online booking & payments.).

 E-broachers

 Bill Boards.

III. Market Research

Hospitality Industry Review:

Pakistan is a country where stay at luxury hotels is not expensive as compared to other
countries across the globe. The usual daily rate in luxury hotels ranges at least b/w $400
& $600 in many countries around the world. However, in Pakistan one could avail the
same facility at as low price as $175. Apart from it, one could have the pleasure of
staying at budget hotels as well, which is the preference of those who cannot afford ultra
luxury. Here, it must be noticed that there is no possibility that budget hotels will be

21065515.doc 27
established in Pakistan to attract the tourists and the reason for this is skyrocketing prices
of land in Pakistan. A businessman cannot afford to purchase extremely expensive land
and begin the business for lower returns. This has given the boost to the establishment of
luxury hotels & now we know that a good number of five star hotels is in pipeline. There
is substantial growth momentum in the growth of mid-price or economy hotels in India
whereas this situation does not prevail in our country where the focus is on five & seven
star hotels. For the stakeholders, insecurity prevailing in the country is a concern. Suicide
bombers have endeavored many times to inflict havoc however not much damage has
been incurred by the five star hotels due to their extraordinary security measures. It is the
onus of the incumbent government to make every possible effort to improve the situation
which would benefit economy in the long run.

Due to the Tamil Tigers, hotels as a whole in Srilanka are now reporting only 30-40%
occupancy. Analysts believe that hotel industry’s luxury sector needs to score at least
40% occupancy to cover the operating costs. It is wonderful to know that thought there
are security problems to some extent, yet the occupancy in Pakistani hotels is over 70%
which annually however the tourism growth in Pakistan would increase exponentially
incase proper incentives offer for the betterment of the industry.

Along with the progress of the hotel industry, one could notice excellent growth in the
roadside restaurants in Pakistan. Let’s look at the restaurant sector of Karachi. Looking at
the foreign front, we see that roadside restaurants are part & parcel of the western culture.
People in the west prefer going for ease in terms of getting food. The trend was and is
that since both husband & wife work, they prefer having food outside to avoid hassle of
cooking. Well, well, well! What about our country. Since majority of the population lives
in villages and is poverty- stricken, the question of eating out is LUXURY. Is it eating out
a LUXURY? Yes it is, particularly for those who are not from big cities of our country.
And it is all the way different in big cities like Karachi. Looking back in 1980s, one only
remembers a few names such as Students Bariyani etc. change has taken place for two
reasons: Family composition by and large us both working husband & wife.

Restaurants have sprung up at all full throttle offering reasonable food prices for
all strata of the city. Now one can find hundreds not scores of famous restaurants in every
corner of Karachi. We can find the restaurants like. Marco polo, Al boustan, shangrilla,
Carlton Grill, & Lal Qila where a family pays around Rs 400 per person to avail the
luxury of having food. To spend comperatively less amount of money, a family prefers
going to Salt n paper, Ali Baba, Lasania, Usmania, Handi Inn, Bar BQ Tonite, Bundu

21065515.doc 28
khan etc where charges per person range b/w 250 & 400. to spend even less, a family can
choose the chain of restaurants at bating basin, khada market, defence, star roundabout
etc. where charges per person may be as low as Rs 200. if one likes to have a feel of long
drive, al contingent on affordability, and want to be away from hustle and bustle o the
city from the short period of time, it is advisable to visit restaurants situated on super
highway. Since eating out has beencoe increasingly common, the restaurants/food spots
are to spring up to satisfy the ever escalating demand. There incurred a lot of change in
previous recent five years. The population of the city at present is around 16 million
and the rapid growth of the restaurants reveals that in future too many restaurants
will be vying too few patrons.

The prospects of luxury hotels & the restaurants are bright due to economic growth and
the rising middle class which likes to spend money. One can aspect that he would be
able to see a world hospitality industry in Pakistan in the days ahead.

The Hotel industry

An Overview

The hotel A& restaurant industry is very popular in Pakistan. Chains of hotels are not the
only or even the primary source of food in most cities of Pakistan. Many regional & local
chains have developed around the main cities of Pakistan to compete with international
chains & provide services that appeal to the unique regional tastes & habit at
comparatively low cost.

Highlights:

21065515.doc 29
  The Pakistani hotel industry is metro dependent, as 75-80% of the revenues of top
hotel chains come from the five metros. Sheraton & Pearl Continental are the most
profitable hotel markets currently.

 The hotel industry is heavily taxed. Expenditure tax, luxury tax & sales tax inflate
the hotel bill by over 30%. The effective tax in Southeast Asian countries works
out to only 4-5%. As these taxes are the domain of the state governments, the rates
vary accordingly.

 The average room rate (ARR) & occupancy are the two most critical factors that
determine the profitability. ARR, in turn, depends on location, brand image, Star
rating, Quality of facilities, & services offered & the seasonal factor.

 In the long term, the hotel industry in Pakistan has a latent potential for growth.
This is because Pakistan is an ideal destination for tourists as it is the only country
with the most diverse topography. Pakistan attracts approximately 1.5 million
tourists every year that is just 0.4% of the world tourist arrivals.

Market Profile

The industry can be classified into four segments:

 Five star & Five Star Deluxe:

the premium Five star segment alone accounts for 30% of the total rooms
available in the country. These are mainly situated in the business districts of
metro cities & cater to business travelers & foreign tourists. These are considered
to be very expensive.

 Heritage Hotels:

These have come into lime light on account of their lesser capital expenditure and
affordability. Heritage hotels include:

o Running hotels in palaces

o Castles

o Forts

o Havelis

21065515.doc 30
 o Hunting lodges &

o Houses

That were built prior to 1950. The heritage hotel concept has been riveting
attention of many tourists as well. Heritage hotels mirror the traditional way of life
in the region, which has proved to be a major selling point for these hotels.

 Budget Hotels

Liberalization of the economy led do the emergence of a new breed of middle

class with higher disposable income. This class is steadily rising &, thus,
unleashing the potential of budget hotels. This burgeoning class no longer believes
in saving their extra income. Budget hotels especially cater to domestic travelers
who favor reasonably priced accommodations with limited luxury. Special
seasonal offers, low nd good services are spare heads of this segment.

 Unclassified:

These are low priced motels spread throughout the country. A low pricing policy is
there only selling point. However, these also came into prominence on account of
increase ion the tourist traffic. Being a rather unorganized segment, it comprises of
about 19% of the industry.

Market Trends:

 With the demand curve in the metros stagnating, smaller towns have emerged as
potential growth areas.

 Luxury, leisure and heritage hotels are concentrated in tourists circuits like
Karachi, Lahore, Islamabad, & Murree.

Tourism Potential

The tourism industry is the fastest growing industry of the world. It plays a significant
role in the socioeconomic development of the nations. It is a source of foreign exchange
earning and it offers monitory to the urban and rural communities.

The tourism-products are the natural places of scene beauty, cultural and business
festivals, sports, special events, desert related activities, art and crafts. The developing

21065515.doc 31
countries can project their distinct natural topography by developing modern
infrastructure and offering more un-tradable and tradable tourist products to their target
market.

For developing countries where the natural resources and economic infrastructure are
scarce, tourism has been considered as an ideal means for development for more than
forty: Tourism is the ideal means of acquiring foreign currency, creating employment and
controlling rural-urban migration. Luckily, we have many tourist attractions such as
beautiful nature and remains of ancient cities, but they have not been used properly.

Pakistan has a diverse topography with mild weather condition, beaches, high mountain
ranges, lush green fertile plains, twisting and singing valleys, deserts, lakes, water falls,
rivers etc. the heritage/culture, adventure, religious and nature-based tourism and hotel
industry is a considerable source of employment in urban and rural areas.

NWFP and the northern areas are playing a leading role in reducing poverty there as these
regions offer nature-based and heritage-based tourism. The rest of the three provinces
attract more tourists for cultural/heritage-based tourism. The historical places, museum
and archeological sites are the center for cultural tourism. The Indus valley civilization
evolved 5000 years ago and the archeological sites are spread over sindh, Punjab and
North West frontier province and very few are in federal administration areas. The four
leading mountain ranges the Hindukush, Pamir, Karakoram, and the great Himalaya
project Pakistan as a famous tourist destination.

The World Tourism Organization (WTO) has classified tourists in two categories; Foreign
and domestic tourist. These terms are implied here because Pakistan is the member of
WTO.

The term ‘Foreign Tourist’ is used to describe a person irrespective of his/her

nationality, race, age, sex, language or religion, etc. who visits Pakistan for any reason
another than seeking gainful employment and whose duration of stay is for 24 hours but
less than six months. Excursion and transit passengers whose stay is less than 24 hours
are excluded.

Domestic Tourist is a person in Pakistan regardless of his/her nationality, age, or sex

who travels to a place within the country other than his/her usual place of residence for a
period of at least 24 hours but less than six months for any reason other than following an
occupation at the place visited. The motivation for such a visit could b
pleasure/recreation/holiday, sports, business, family visit, mission, meeting, conference,
health study, religion or social call etc.

21065515.doc 32
Low revenue Tourist: the tourist visiting friends and relatives (VFR) in Pakistan [who]
do not spend much in lodging and boarding. Most of the tourists coming from India,
Bangladesh<, U.K. and Afghanistan are described as Low revenue Tourists.

The tourism policy declares current year as ‘Visit Pakistan Year’. The tourist movement
on global scale has been showing an increasing trend. “There would be one billion
tourists movement worldwide by the year 2010. 3.8% of the global gross domestic
product (GDP) comes from tourism”

“The master plan 2000” for promoting tourism consists of the five major areas.

1. Legislation, Management, Organization and facilitation.

2. Investment, funding, Infrastructure, transport, tax and concessions.

3. Marketing, Promotion and product development.

4. Environment, Conservation and planning.

5. Human resource development and community development.

As far as legislation is concerned the United Nation’s agencies are very critical over
legislative aspect related to tourism. It is believed that over-legislation is hampering
tourist potential.

The Marketing, Promotion and product Development is the weakest area in tourism
sector. The tourists engaged in mountaineering expedition in Pakistan have given their
feedback. A large number has expressed their dissatisfaction over marketing and
publicity material available at different information centers. Some foreign tourists
complain for the poor quality accommodation and some state that the entertainment
facilities are far less than their needs.

The tourism product offered is very limited. We over depend on cultural and
adventure tourism. The model for desert related and beach related tourism is the Gulf
States in general and Dubai in particular.

Despite sizzling heat Dubai’s policy is very effective in getting considerable number
of foreign tourist in desert related tourism. We have Cholistan & Thar deserts but the
infrastructure including accommodation & road network are highly outdated as a
consequence tourism sector is incapable to promote desert related activity. The

21065515.doc 33
 beaches from Karachi to Gawadar have mild temperature in contrast to the beaches of
Middle East but due to the outdated infrastructure including lesser number or no
quality lodging & boarding facilities & unhygienic environment, we unsuccessful in
proving beach-related tourist products.

5-STAR & 7-Star Industry Review

Hotel is a peculiar organization which is a hybrid of manufacturing &

services.
The manufacturing side in kitchen & banquet while the services side is restaurants, rooms
laundry & valet and other services provided to guests. This is an organization which
remains open 365 days a year on 24 hours basis. The employees however do enjoy
holidays and week-ends. Three shifts are working (8 hrs per shift).

1. Rooms Division
a. Front Office
b. House Keeping

2. Food & Beverages Division

a. Restaurants(services)
b. Kitchens
c. Stewarding
d. Banquets
3. Minor Operating Departments
a. Telephone
b. Laundry

21065515.doc 34
 c. Business centre
4. Sports & Recreation
a. Gym/Spa
b. Swimming pool
5. Shops & merchandizing
6. Sales Division
7. Repairs & Maintenance (Engineering Division)
8. Administration
a. Finance Account

b. Human Resources
c. Security.
Hotels are one of the best barometers of tourism and trade activity in a country. Hotels
serve as a host converse for the hospitality and care shown to the tourists, diplomats &
guests staying in them. Moreover, the room’s occupancy and hotel business is very
sensitive to overall economic conditions of the country as well as to the prevailing Law &
Order Situation.

In the last three years hotels in Pakistan in general and those in Islamabad/Rawalpindi in
particular have done excellent business and the average occupancy has remained over
70%.

Financial Plan
Financial sources:
Two international companies are the major contributor for the project pertaining the financial
aspect;

 Al tamimi (Saudi arabia)

 Sardar group of companies(Abu dhabi)

 Domestic investors

21065515.doc 35
 Budget Analysis:
The total cost of the project is $350 – 400 Million, which is being appreciated in the in
compliance with the need of finance in the particular aspect.

Our cost Estimates will be as:

 Fixed Expenses

Fixed Expense Amount ($ million)

Land Purchase 140

Raw Material Purchase 60.3

Labor 45.75

Overheads 60

License fee 35.15

Architect fee 10

Computers & printers 0.8

Furniture & furnishing 20

Total 372.00

 Operating Expenses

Operating Expenses Amount($ million)

Administrative expenses 5

Marketing Expenses
Sign Boards
0.5
Website
0.25
Newspapers
0.5

21065515.doc 36
 Bill Boards & other Media 0.5

Marketing Expertise 1.25

Sub Total 4.00

Total 9.00

Forecasted Sales/Revenue Plan:

The Centaurus Mall:
Shop size Amount Per shop Total Amount

($ million) ($ Million)

Small (14x12) 0.2 50x0.2 = 10.0

Medium (20x32) 0.5 30x0.5 = 15.0

Large (30x50) 1.0 20x1.0 = 20.0

Total 45.0

The Centaurus Residencia:

Apartment size Amount Per apartment Total Amount

($million) ($ million)

One Bed Apartments 0.25 30x0.25 = 7.5

Two Bed Apartments 0.35 30x0.35 = 10.5

Three Bed Apartments 0.40 20x0.40 = 8.0

Four Bed Apartments 0.5 20x0.50 = 1.0

Total 27.0

21065515.doc 37
 The Centaurus Corporate:
Office size Amount Per Office Total Amount

($ million) ($ million)

Small 0.5 120x0.5 = 60

Medium 0.8 80x 0.8 = 64

Large 2.0 50x2.0 = 100

Total 224

The Centaurus Hotel:

A seven star hotel will be managed by Berner Clinton.

Economic Analysis

Economy is considered a a backbone of the country. Economic developments depend upon

agriculture or industry. However, a large part is contributed by industrial sector but the need of
how to utilize the natural resources as maximum as possible. Value of money in Pakistan is
decreasing because of decreasing export and less foreign exchange. Using raw material and
manufacturing goods should enhance export. Rate of foreign investment is is very discouraging;
it must be improved by providing incentives to the foreign investors. On the whole, all factors in
improving GDP growth rate must be taken in view and measures to improves these must be
taken. Project will provide job opportunities to almost 10,000 individual in the different
fields.

This will help in decreasing unemployment at large and will also increase the income level of the
people. when the supreme services will be provided residing in the peoples mind only it will
provide them with the innovation of new world within themselves, so acting upon the motive

21065515.doc 38
object Light years ahead. When appreciation of the taxes will be executed in compliance with
the government taxation levy policy, it will increase the revenue resources of the country. It is
also a big project with respect to our financial approximations. The economic goal for this
service is to be self-supporting the highest degree possible. Establishing investment plans and
identifying external funding sources that can support the service, will accomplish the basic
objective.

Economic Feasibility:
 The project is feasible from every aspect because the country is in a bad need of the mega
projects.
 To provide a benchmark in the field of construction to the country.
 To set a trend of innovative construction done globally & pioneering a construction of a
new mega structure namely The Centaurus which has resulted to initiation of some
other mega structures in the country like; Al Haya, Rejency etc.
 Unfortunately hotels are paying various types of taxes for which the Pakistan hotels
association (PHA) has been continuously knocking the doors of various government
functionaries with no success. PHA has been demanding the withdrawal of bed tax which
is a provincial tax. This tax is not only an irritant but also being questioned by the guests
as the same is not levied in most other countries. In addition, couples of provinces have
levied this tax on the capacity without considering the actual occupancy resulting in the
payment of differentials by the hotels. Though the revenue under this head is negligible,
the government is not keen to remove this irritant.

Economic Appraisal:
Our mega project fits into its sector very well because the hotels & tourism needs
improvement and people need better and luxurious services.

Profitability in the hotel industry is dependent on many factors; a few salient one
are listed below:

 Tourism:

This is the primary factor for the hotel industry. Pakistan has great potential of
becoming a major stop for tourists. However, lack of infrastructure has kept the
foreign tourists at bay. The government has been actively participating in

21065515.doc 39
 propagating Pakistan as an oasis for global travelers. Pakistan has always
conjured up a fascinating image in the mind of foreign tourists. Pakistan has an
advantage of having diverse culture, languages & religions, which makes it an
exciting tourist destination for people all over the world.

 Seasonality:

Pakistan being a tropical nation, witnesses and inflow of leisure tourists, mainly
during the winter months of October to March. Hence the hotel industry has a
better second half. In the first half of the year, local tourists prefer April to May
and October in the second half due to summer and Eid vacations respectively.
Other months being off season periods, many hotels offer heavy discount on room
tariff to ensure repeat customers such as corporate, airline crewmembers and tour
groups.

 Industry Bottle Necks:

Progress of the industry is held hostage to various bottom necks existing within
the industry like high variable costs. The hotel industry is reeling under high
variable expense. A high wage bill, maintenance costs and overhead expenses
marked the industry. Domestic hotel chain has a high man-room ratio as compared
to their overseas counterpart.

 Differential Pricing

Hotels in Pakistan typically offer discounts on published room tariffs to many

clients. As a result, though occupancy rate of these hotels increases, the ARR does
not increase proportionally. However, the magnitude of discounts varies depending
on the nature of the client location and size of the hotel. Furthermore, in the dual
tariff rate system, there is a domestic currency rate for local travelers and a dollar
rate applying to foreign travelers. Hence there is need of a common yardstick for
tariff rates.

Globally, leisure and entertainment are seen to be growing industries. Stable socio-
political and economic conditions, coupled with an improvement in infrastructure
facilities (Like roads and Airports), will improve the sentiments of the tourists
toward Pakistan. If the above conditions are met, tourists arrivals can increase

21065515.doc 40
 substantially from the present levels. In such a situation, there will be a surge
demand for rooms in tourist’s destinations.

Risk Assessment:
Hotel Company’s profitability was near to what you have quoted for foreign
companies operating in Pakistan. From the face of billing, one perceives that
hotels are making huge profits but in reality, due to very high cost of operations in
addition to maintenance and fixed costs, they operate on marginal profits. Also the
return on investment is quite low compared to any other industry. This is one of
the main reasons that in Pakistan we do not have many five hotels. The exorbitant
cost of land in Pakistan makes the project cost phenomenally high with low return
on investment. With the high cost of project, why one could be inclined towards
building a mid-price hotel when thee project cost differential is marginal and the
operating cost maintenance are high.

In conclusion, Pakistan offers endless possibilities with its vast untapped

resources. The country is set to grow at a rate of 7% per annum which should help
to further raise its per capita income from $847 per annum to US $1557 by 2015.
Demand is expected to get stronger as incomes rise further and assuming current
population growth trends persist. Pakistan’s strategic geopolitical position, due to
its proximity to India & china as well as to the oil rich middle east and untouched
central Asia with vast natural resources, potentially carries opportunities which to
date have not been properly exploited. Promising for private sector would b large
infrastructure projects which would offer high return in long term, but would help
enhance access & efficiency in movement of good within & outside Pakistan

If one right, Pakistan can easily integrate itself into export value added chain of the
region as there is adequate room for further growth; investment in these sectors is
thus highly flexible.

21065515.doc 41
 References:
1. Group visit to project location & have an Interview to Mr. Mansoor Zareen Sales
Executive (Aroma Real Estate Pvt. Ltd).

2. Internet Sources:

 Companies Websites

1. www.thecentaurus.com

2. www.atkinsglobal.com

3. www.cscec.com.cn

 Search Engine Wikipedia & Google Map.

21065515.doc 42
3. News Papers:

1. Kamal Siddiqi “Boom time for Pakistan’s Hotel Industry” The News International,
Pakistan, February 17,2007/

4. Magazine:

Tetsu, K, (Autum2006), “Tourism Potential & Regional Development in Low Income

Countries”, The Pakistan Development Review 45:3,417-424.

21065515.doc 43