Juwai IQI Holdings (“Juwai IQI”) and Maymar Housing Services (Private) Limited (“Maymar”) have signed a memorandum of understanding (“MoU”) with the aim of exploring and collaborating on a potential joint venture to bring the Juwai and IQI brands and real estate platforms to the Pakistani market. Through the MoU, Juwai IQI also grants Maymar the exclusive right to use the Juwai and IQI brands and represent them in Pakistan.
The MoU is the result of clear synergies between Maymar’s existing township operations and wider real estate development business in Pakistan and Juwai IQI’s real estate agent network under the IQI brand, as well as the company’s Juwai.asia, the first global property portal for Asian buyers.
A potential joint venture between the two companies will result in a market-leading collaboration – linking Pakistani and international buyers in the Asian markets to real estate opportunities in the country through an established online platform. It will contemporaneously offer sale and post-sale services and thus provide a complete end-to-end solution for both local and international consumers seeking to invest in the rapidly growing Pakistani real estate market.
IQI and Maymar believe that the joint venture will go a long way in contributing to the economic development of Pakistan while simultaneously supporting the Government of Pakistan’s efforts in expanding the housing and real estate sector of the country.
Juwai IQI has headquarters for its various operations in Kuala Lumpur, Malaysia and in Hong Kong and Shanghai, China,. The company also operates Juwai.com, the largest Chinese marketplace for overseas property, and Juwai.asia, a global portal for Asian buyers outside of the Chinese market. The company further engages in real estate projects selling, leasing, brokerage, branding, evaluation and marketing. IQI also has presence across the world through its offices in Australia, Cambodia, Canada, China, Philippines, Thailand, the United Arab Emirates and Vietnam.
Maymar is a leading real estate development company based in Karachi, Pakistan, which develops, owns and operates properties across Pakistan. Established in 1973, it is the owner and operator of its flagship and namesake master-planned community, Gulshan-e-Maymar, in suburban Karachi and is also involved in the development and construction of a number of other large-scale real estate development projects ranging from low cost housing to high-end apartments across the country.
Kashif Ansari, IQI Global Group CEO, said, “We are excited about exploring a potential expansion into the Pakistani market, which we believe offers huge untapped potential. This kind of cooperation forms a core part of our future growth strategy, as we expand into new geographies. We look forward to working with Maymar to bring our platforms and brands to the country and advance the growth of Pakistan’s housing and real estate sectors.”
Juwai IQI Executive Chairman Georg Chmiel said, “Maymar has long been admired for the excellence of its development projects and for its strategic business sense. We’re very excited about our potential joint venture with Maymar because they are one of the true leaders of the real estate industry.”
Abdul Rashid, Chairman and Chief Executive Officer at Maymar said, “Maymar is very happy to be collaborating with IQI on bringing the Juwai and IQI platforms to Pakistan. We truly consider this to be a transformational partnership at the heart of which are the interests of Pakistan and our vision to continue to redefine the real estate landscape of the country. We want to highlight Pakistan on the world map by connecting overseas Pakistanis and other international investors with the country’s rapidly growing real estate market.”
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