TPL Properties Limited (“TPL Properties” or "the Company") was incorporated in Pakistan on February 14, 2007, as a private limited company. In 2016, the Company was converted into a public limited company and subsequently listed on the Pakistan Stock Exchange Limited.

TPL Properties was established as a subsidiary of TPL Holdings (Pvt.) Limited, which is a diversified business conglomerate involved in technology, insurance, logistics, and security services. The company entered the real estate sector by acquiring prime land in Karachi’s key business districts, with Centrepoint, a high-rise commercial tower later acquired by a leading commercial bank, marking its first major project and establishing its reputation for quality and innovation. Over time, TPL Properties expanded its portfolio, attracted institutional investors, and pursued larger-scale developments. To further strengthen its presence in the real estate sector, TPL Properties diversified its portfolio by launching new verticals and subsidiaries such as:

       1. TPL REIT Management Company Limited (TPL RMC) – for managing Real Estate Investment Trusts

       2. TPL Developments – focusing on construction and infrastructure projects

       3. TPL Property Management – offering integrated facilities and asset management services

The principal activity of the Company is to invest in, acquire, develop, and construct real estate, as well as to sell, lease, or otherwise dispose of such assets. These include commercial and residential buildings, houses, shops, plots, and other types of real estate properties. Following the establishment of TPL REIT Fund I, the Company transferred three of its key projects—One Hoshang, Mangrove, and Technology Park—into the fund, aligning with its strategy to optimize asset management and enhance long-term value through the REIT structure.

A majority of the Company’s shareholding, amounting to 50.76%, is held by sponsors through associated companies. This includes TPL Corp Limited with a 39.26% stake, Alpha Beta Capital Markets (Private) Limited holding 7.65%, and TPL Insurance Limited with 2.93%. In addition, individual sponsors, directors, the CEO, and their immediate family collectively hold 9.48% of the shares. The remaining 39.76% is held by the general public and other institutional investors.

The ownership structure of TPL Properties reflects strong stability, with a controlling stake held by the TPL Group. This concentrated ownership among key sponsors and associated companies ensures strategic alignment and long-term focus

TPL Group has been a prominent player in recent times in Pakistan's business landscape. Its strategic approach to new ventures is rooted in forging partnerships with industry leaders who bring specialized expertise and global best practices.

TPL Group maintains a diversified investment portfolio spanning multiple sectors, including life and non-life insurance, real estate, security services, asset tracking, technology, digital mapping, and financial services. Additionally the sponsor has history of supported the group whenever needed.

The overall governance and strategic oversight of the Company is entrusted to a seven-member Board of Directors, comprising four Non-Executive Directors, two Independent Directors, and one Executive Director.

Mr. Jameel Yusuf serves as the Chairman of the Board of TPL Properties and is a distinguished businessman by profession. He is also the Chairman of TPL Corp Limited. Mr. Yusuf has an extensive track record in leadership and community service, having served as the Founder Chairman of the Citizen-Police Liaison Committee (CPLC) from September 1989 to March 2003. Additionally, he holds the position of Director at the Asia Crime Prevention Foundation (ACPF) and is a founding trustee of PANAH, a shelter for women in distress. Mr. Yusuf has been a member of the Advisory Council for the Fellowship Fund for Pakistan (FFFD) since 2004. His contributions to society were recognized when he was awarded the Presidential “Sitara-e-Shujaat” for gallantry in August 1992. He was also nominated for the United Nations Vienna Civil Society Award in 1999. The other members of the Board bring a wealth of expertise from various sectors, including real estate development, venture capital, investment banking, fund management, and information technology. Their collective experience and diverse skill sets play a critical role in guiding the Company’s strategic vision and ensuring its continued success.

The Company has established two key board committees—Audit and Human Resource & Remuneration—to ensure compliance with the Code of Corporate Governance. In addition, the Board convenes regular meetings, as necessary, with satisfactory participation from all members to facilitate effective decision-making and oversight.

M/s. BDO & Ebrahim, Chartered Accountants, act as the external auditors of the Company. As a publicly listed entity, the Company complies with the Code of Corporate Governance and maintains full adherence to the financial transparency standards applicable to listed companies. The auditors have issued an unqualified opinion on the unconsolidated financial statements for FY24. However, they included an Emphasis of Matter paragraph, referring to Note 27.1 of the financial statements, which outlines a significant uncertainty related to an ongoing contingency. No provision has been made in these financial statements, as explained in the referenced note. The auditors emphasized that their opinion remains unmodified in respect of this matter.

TPL Properties maintains a streamlined organizational structure, with each function overseen by a seasoned professional. This structure ensures efficient management, fosters clear accountability, and supports the Company’s ability to execute its strategic goals effectively while maintaining operational excellence.

Mr. Ali Jameel serves as the CEO of TPL Properties and is also the CEO of TPL Corp Limited, a leading and dynamic tech-driven conglomerate in Pakistan. In addition to his executive role, Mr. Jameel holds directorial positions on the boards of several prominent entities, including TPL Investment Management Limited, a licensed entity by the Abu Dhabi Global Markets; TPL REIT Management Company Limited; TPL Insurance Limited; and TPL Life Insurance Limited. Mr. Adnan Khandwala serves as the CFO of the Company. The management team is comprised of highly qualified professionals, each possessing the requisite experience. Bottom of Form

TPL Properties is structured around seven key functions, each of which plays a vital role in the Company’s operations and success. These functions include Information Technology, Finance, External Relations & Corporate Social Responsibility (CSR), Marketing and Communication, Human Resources, Operations, and Project Management. All of these departments report directly to the CEO, ensuring effective coordination and alignment with the Company’s strategic goals and objectives.

The Company maintains a strong IT infrastructure supported by comprehensive controls to ensure operational efficiency and security. To streamline its business processes, the Company utilizes Oracle E-Business Suite as its Enterprise Resource Planning (ERP) solution. Currently, two key Oracle modules are fully operational: (i) Financial Management, which handles accounting, financial reporting, and budgeting, and (ii) Supply Chain Management, which supports inventory control, procurement, and distribution processes.

The Company maintains an internal audit function that operates in accordance with the Code of Corporate Governance. This function plays a critical role in evaluating and enhancing the effectiveness of the Company’s internal controls, risk management processes, and governance practices, ensuring compliance with regulatory requirements and industry standards.

In FY24, Pakistan’s real estate sector navigated a challenging landscape marked by high interest rates, sluggish construction activity, and project delays. Despite these hurdles, the sector saw a turnaround as macroeconomic stability improved, supported by monetary easing, controlled inflation, a stable PKR, and increased foreign reserves. Additionally, government measures to formalize the economy, expand the tax base, and regulate the foreign exchange market further bolstered market confidence. Pakistan’s rapid urbanization and young population present long-term growth opportunities, yet economic constraints such as high CPI inflation (24.52%) and elevated interest rates (19.5%) have limited sectoral expansion. The office real estate market remained robust, with MNCs and local businesses sustaining high occupancy in Grade A buildings. The co-working and hospitality sectors rebounded, while industrial real estate witnessed growing demand for warehouses. In contrast, the residential segment struggled, as investor activity slowed. As 2025 unfolds, the real estate market is undergoing a transformation, fueled by economic recovery, policy shifts, and changing buyer preferences. Interest rates have dropped to 12%, with expectations of further reductions to 9%, complemented by a stable currency and controlled inflation, making real estate an increasingly attractive investment avenue. Urban development is evolving rapidly, with smart city initiatives, integrating energy-efficient infrastructure, advanced security systems, and smart housing solutions to cater to modern buyers. There is rising demand for mixed-use developments that blend residential, commercial, and recreational spaces, reshaping urban planning. Simultaneously, the commercial real estate sector is also set for expansion.

TPL Properties currently operates through a structure where its key investments are held in REIT funds, managed by its wholly owned subsidiary TPL REIT Management Company Limited (RMC), while real estate projects are developed by another wholly owned subsidiary, TPL Developments (Pvt.) Limited. With growing expertise in both REITs and real estate development, the Company is actively pursuing strategic partnerships on new projects, positioning these subsidiaries to generate additional revenue streams.

As a strategic investor, TPL Properties holds a 38.69% stake in TPL REIT Fund I, Pakistan’s first Shariah-compliant Sustainable Development Impact REIT Fund, with a diversified portfolio spanning residential, commercial, retail, and hospitality assets, all focused on sustainable development.

At the group level, TPL has established a strong brand presence across multiple sectors. While only one real estate project has been completed to date, TPL Properties has earned a reputation for quality and reliability, building customer trust.

 TPL Properties, as a holding company, owns subsidiaries engaged in REIT management, real estate development, and property management, along with a substantial investment in TPL REIT Fund I. The company’s revenue model is built around three core streams:

       1. Dividend income from its investment in the REIT,

       2. Development fees earned from ongoing real estate projects, and

       3. Dividends from the REIT Management Company (RMC), which earns management and performance fees from the REIT.

However, during FY24, no revenue was recognized from any of these streams. The net loss of PKR 3,085mln in FY24 and the gain of PKR 167mln in 1HFY25 both represent unrealized fair value adjustments on the company’s investment in TPL REIT Fund I, classified as Fair Value Through Profit or Loss (FVTPL).

The Company’s actual profit margins will materialize once it begins generating revenue from its three primary income streams.

The sustainability of TPL Properties hinges on the successful and timely completion of its ongoing projects and the commencement of dividend income from its investment portfolio. Until these revenue streams are realized, continued sponsor support remains critical.

Project Updates under TPL REIT Fund I:

One Hoshang:
Pakistan’s first LEED Gold certified residential project, integrating a 130-year-old historic façade with modern design and amenities. Completion is expected by December 2026. The grey structure is progressing well, with the raft foundation, basement, and up to the third floor completed.

The Mangroves:
A 40-acre mixed-use waterfront development. Master planning has been completed by SSH International, known for sustainable waterfront designs. Detailed building designs are in progress, and infrastructure work for Phase 1 has begun. 

TPL Properties is also expanding internationally through TPL Investment Management, a UAE-based, wholly owned subsidiary of TPL RMC. It is the first Pakistani investment firm to operate internationally under a 3C license, regulated by Abu Dhabi Global Market (ADGM).

As a holding company, TPL Properties primarily operates as an investment management entity and does not maintain significant working capital on its own. However, when required, it arranges and facilitates funding for its subsidiaries to ensure operational continuity. Currently, the Company has obtained a short-term syndicated loan of PKR 985mln maturing in Dec 25 to temporarily finance ongoing construction projects. The loan is expected to be repaid through dividend income from TPL REIT Fund I.

The Company’s cash flows are expected to come primarily in the form of dividends from REIT Fund I. However, during the period, the Company did not generate any cash inflows from its operations, as there was no revenue from subsidiaries and no dividend income realized from the Fund. This resulted in a net loss of PKR 1,562 mln, causing the FCFO to stand at PKR -188mln, and leading to a negative coverage ratio of -0.1x.

The Company has primarily utilized short-term borrowings to finance its investment portfolio. As of December 2024, total short-term borrowings clocked to PKR 1,453mln. Consequently, the capital structure stood at 21% in 1HFY25.