The Lahore Development Authority on Monday sold a 118-kanal hotel site for Rs2.17 billion.
The plot is located in the planned Finance and Trade Centre that is spread over 1,123 kanals near Expo Centre in Johar Town. The reserve price for the plot had been fixed at Rs14 million per kanal.
The successful bid was Rs18.45 million per kanal.
The bidders were Nishat Hotels and Properties Limited and M/s Daewoo-Sapphire Consortium.
The bids were opened at the LDA Community Centre in New Muslim Town. LDA Vice Chairman Aamir Asghar Dar presided over the proceedings.
The auction committee included Chief Metropolitan Planner Waseem Ahmad Khan, LDA Estate Management Director Muhammad Nauman Khan, Finance Director Zaheer Asghar Rana, Quaid-i-Azam Town Estate Management Director Mian Mazhar Iqbal and Land Development Director Imran Raza Abbasi.
The LDA governing body had earlier agreed permit to setting up of an inter city bus terminal, a D-class bus stand, a super store and a shopping centre at the site.
It had also decided to relax building by-laws to encourage construction of high rise buildings.
An Lahore Development Authority official said that the maximum permissible height of buildings to be constructed in the Finance and Trade Centre had been increased. Ground floor coverage had also been extended and a building could now be constructed by covering 60 per cent area of a plot.
Open spaces required on both sides and at the rear of the plots had also been reduced.
The Finance and Trade Centre will also have a superstore on 90 kanals, a bank square on 69 kanals, a health club on 27 kanals, a hospital on 25 kanals, a mosque on five kanals, a recreation area on 75 kanals, and a parking lot and a mini golf club on 32 kanals. About 40 kanals has been reserved for apartments, eight kanals for service area and 388 kanals for roads.
The commercial area of the centre would be on 111 kanals and a corporate office complex and LDA tower will be built on 101 kanals.
Published in The Express Tribune, September 18th, 2012.