Press Release
VIS Assigns Initial Development REIT Rating to Signature Residency REIT
Karachi, May 7, 2026: VIS Credit Rating Company Limited (VIS) assigned initial Development REIT rating to Signature Residency REIT (‘SRR’ or the ‘Scheme’) at ‘RFR2++(dr)’ (REIT Fund Rating Two Plus Plus (Development REIT)). The Development REIT rating of ‘RFR2++(dr)’ indicates successful implementation of REIT project is very likely. Risk factors impacting value of REIT assets are modest over the foreseeable future. Outlook on the assigned rating is ‘Stable.’
SRR is a closed-end development REIT, established under the Trust Deed dated 22nd March 2023. The Project was acquired from Javedan Corporation Limited and transferred to the REIT structure in March 2023. The REIT was listed on the Pakistan Stock Exchange Limited (PSX) on January 29, 2026 under the REIT Regulations, 2022. The scheme is managed by Arif Habib Dolmen REIT Management Limited, with Central Depository Company of Pakistan as its trustee. SRR’s primary objective is the construction of Signature Tower at Naya Nazimabad, Karachi, covering a land area of 2,067 Square Yards (“SQY”). The tower consists of one (1) commercial unit on the ground floor, and one hundred and four (104) apartments.
The assigned rating of SRR reflects strong sponsor support, fully realized sales, zero debt, and materially reduced execution risk. The Scheme is supported by sponsor strength of the Arif Habib Group, which provides meaningful financial backing, strategic oversight, and demonstrated expertise in real estate development and REIT management through Arif Habib Dolmen REIT Management Limited. The rating also reflects the Group’s established track record of successfully executing development projects through its REIT Management Company, which supports operational credibility and governance discipline. SRR is a well-located development project within Naya Nazimabad, which has benefited from improving real estate transaction activity in the area. The project has achieved full sales completion, with 100% of the 104 apartments and commercial space already sold, significantly reducing market risk. Furthermore, the REIT has zero debt which provides strong financial flexibility. Total cash collection remains strong at 65% of total sales while recoveries are on track at 92%. Completion and execution risks are largely mitigated, given the advanced stage of construction and scheduled handover by November 2026. The REIT is scheduled for dissolution by end-2027, which falls within the VIS rating horizon.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: REIT Fund Rating
https://docs.vis.com.pk/Methodologies-2025/REIT-Fund-Rating-Methodolgy-Jan-2025.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf