VIS Assigns Entity, Sukuk Ratings To Park View Enclave

VIS Credit Rating Company Limited has assigned preliminary rating of double A minus to the proposed TFC/Sukuk issue of Park View Enclave (Private) Limited

KARACHI, (UrduPoint / Pakistan Point News - 23rd Oct, 2019 ) :VIS Credit Rating Company Limited has assigned preliminary rating of double A minus to the proposed TFC/Sukuk issue of Park View Enclave (Private) Limited.

The company has also been assigned initial entity ratings of single A/A-two. The outlook on the assigned ratings is stable, said a press release on Wednesday.

PVEPL is a part of Vision Group of Companies that deals in real estate projects in Pakistan and is owned largely by Aleem Khan, a prominent businessman and politician. The company is in the process of development of "Park View City" (PVC) project at Mouza Malote Zone 4B, Islamabad. PVC is a housing scheme targeting the middle class segment of the society.

Total planned area for the project is estimated at 9,487 Kanal, out of which 4,274 Kanal has already been acquired, infrastructure development work on which is under progress. Total saleable area is expected to clock in around 47.2% of the available space which equals 4,708 Kanal. PVC was launched in June 2018 and till end-August 2019, the company has sold residential and commercial plots accumulating 1,086 Kanal (Around 23% of the saleable area). Consequently, the company still has a sizeable portion of acquired land that can be sold.The assigned ratings to PVEPL reflect moderate business risk and strong financial profile of the company.