The Naya Nazimabad Apartment REIT (NNAR) is a Shariah-compliant developmental REIT that builds and sells apartments in Naya Nazimabad, Karachi. It is managed by Arif Habib Dolmen REIT Management Limited, sponsored by Javedan Corporation (the developer of Naya Nazimabad), and its units trade on the Pakistan Stock Exchange. Buying NNAR units gives you a small share of the whole development and its profits, but not an apartment of your own. If you want a home to live in or rent out, you buy an apartment directly; if you want a small, tradeable stake in the project, you buy REIT units.
This guide explains what NNAR is, how it makes money, how the two routes compare and how to do either. S.S Enterprises sells apartments in Naya Nazimabad directly. We do not sell REIT units, which are bought through a stockbroker.
NNAR at a glance
| Item | Detail |
|---|---|
| Full name | Naya Nazimabad Apartment REIT (NNAR) |
| Type | Closed-end, limited-life developmental REIT; Shariah-compliant |
| Manager | Arif Habib Dolmen REIT Management Limited, a joint venture of the Arif Habib and Dolmen groups |
| Sponsor | Javedan Corporation Limited, the developer of Naya Nazimabad |
| What it develops in Naya Nazimabad | Residential apartments on seven commercial plots of about 46,597 sq yd in total, with 10 residential towers planned (as reported in 2026) |
| Other assets | 2026 reports also list property in Lahore in the scheme's portfolio; the offering document has the current list |
| Units | 293.75 million units with a face value of PKR 10 |
| 2026 public offering | 44.06 million existing units (15%) offered in September 2026 at a price band of PKR 18–23; the book-building was oversubscribed about eight times and priced at PKR 23 |
| Where to buy units | On the Pakistan Stock Exchange, through a licensed broker |
How a developmental REIT makes money
A developmental REIT does not mainly collect rent. It uses its land and capital to build apartments, sells them, and passes the profit to unit holders over the life of the scheme. Most of the return therefore arrives in the later years, as towers are completed and sold, rather than as a steady monthly income. Because the units are listed, their market price also moves every day with investor sentiment, interest rates and construction progress, so you can gain or lose money before any apartment is sold.
NNAR is not the first scheme of its kind in Naya Nazimabad. The same manager's Globe Residency REIT, listed in 2022, was described as the first developmental REIT on the Pakistan Stock Exchange. Its towers are part of Globe Residency, where S.S Enterprises sells ready and installment apartments today.
REIT units vs buying an apartment directly
| NNAR units | Apartment bought directly | |
|---|---|---|
| What you own | A share of the whole REIT scheme | A specific apartment, with its own file and transfer |
| Budget | Any number of units, at the market price | The apartment's down payment; installment plans spread the rest |
| Income | Profit distributions as apartments are sold; no rent | Rent if you let it out, or a home for your family |
| Control | None: the manager decides what to build and when to sell | Full: you choose the project, floor, layout and when to sell |
| Selling | On the stock exchange during market hours, at the market price | Through an agent, usually over a few weeks |
| Price changes | Daily, with the stock market | With the property market; no daily price |
| Costs | Broker commission and the scheme's management fees | Transfer costs, taxes and maintenance |
Which route suits you?
REIT units can suit someone who wants exposure to Naya Nazimabad's apartment development with a small amount, does not need a home or rental income, and is comfortable with stock-market price swings over a multi-year holding period.
A directly owned apartment suits families who want to live in Naya Nazimabad, overseas Pakistanis buying a home for their parents or for their own return, and investors who want rental income and control over when to sell. Ready apartments can be rented out straight away; apartments on installment plans let you pay over time while construction finishes.
How to buy NNAR units
- Open an account with a broker licensed by the Pakistan Stock Exchange. Overseas Pakistanis can invest in listed securities through a Roshan Digital Account.
- Check the current unit price and the scheme's latest reports on the manager's website.
- Place your order through the broker; the units are held in your account with the Central Depository Company (CDC).
How to buy an apartment in Naya Nazimabad directly
S.S Enterprises lists ready and installment apartments in Globe Residency, Peace Apartments, Rahat Residency, Signature Tower and Stadium View Residencia, with the price, payment plan and possession date of each unit. See apartments for sale in Naya Nazimabad, compare the projects, or browse every listing. Buying from abroad? Our guide for overseas Pakistanis covers the Special Power of Attorney and Roshan Digital Account route.
Risks to keep in mind
- REIT unit prices can fall below what you paid, and developmental schemes usually pay little in their first years.
- Construction delays or rising costs reduce the scheme's profit.
- Indicative returns published by any manager are projections, not promises.
- A directly owned apartment has its own risks: verify the file, the developer's approvals and the payment plan before you pay, and budget for transfer costs.
This article is general information, not investment advice. Read the scheme's offering document and latest reports, and speak to a licensed adviser before investing in REIT units.
Sources
Facts about NNAR come from the scheme manager, Arif Habib Dolmen REIT Management, and 2026 reports in Business Recorder and Arab News. Some figures, such as fund size and the scheme's lifespan, differ between sources and may change; the offering document is the authoritative reference.