KARACHI: Pakistan Hotels Developers Limited (PHDL) has transferred the ownership rights and title of the four-star Hotel Regent Plaza property, located in the country’s commercial hub, Karachi, to the Sindh Institute of Urology and Transplantation (SIUT) Trust.
According to a notice, PHDL announced to the Pakistan Stock Exchange (PSX) that SIUT Trust paid the last 10 percent of the property’s sale price of $5.2 million on July 30, 2024. After this payment, the transfer of ownership was completed.
“We are pleased to inform you that SIUT Trust has paid the remaining 10% of the sale proceeds of the property to the company on July 30, 2024, in continuation of the agreement for the sale of the company’s property,” the notice said. After receiving the remaining amount, the company has transferred the title of the property in favor of SIUT Trust.
The property was given to SIUT Trust on July 1, 2024, after the Trust paid 90% of the sale price, which was $4.68 million.
The notice says that the company confirms it has received all the money from the sale of the property. After that, the ownership and control of the property have been given to SIUT Trust.
SIUT is one of the leading healthcare institutes in Pakistan, providing a wide range of services, including Urology, Nephrology, and Transplant Surgery, and also has an excellent focus on research and education.
In October last year, SIUT Trust expressed interest in buying Karachi’s Regent Plaza for Rs 14.5 billion (about $52 million).
Following the announcement, PHDL’s board of directors named two executives in November to finalize the sale of Regent Plaza to SIUT Trust.
