The auction will be held at Jinnah Convention Centre where star attractions will be recently launched commercial plots at a proposed business hub in Sector I-12. PHOTO: FILE.
Overall, the civic authority managed to raise a total of Rs8.4 billion in the two-day auction at the Jinnah Convention Centre, selling a total of 15 commercial plots.
On Wednesday, CDA sold seven plots, raising comparatively higher bids of Rs4.65 billion. On Tuesday, the authority had managed to auction eight plots after receiving bids of Rs3.75 billion.
The higher revenue generated was due to increased investor interest with 209 bidders participating in the first bidding session on Wednesday. This was significantly higher than the 39 who had participated a day earlier.
Even though only a couple of plots were sold in the first session, participation by a large number of investors meant that bidding was more intense. However, interest waned in the second half of the day with many bidders leaving early.
During the two-day auction, CDA sold plots 8, 9 and 4 in Sector I-8 Markaz, plots 4-A and 14-C in Sector G-5, plots 11, 5-A and 5-B in Sector G-11/3, plot 6, in Sector F-10 Markaz, plot 3 in Sector F-11/1, plots 3-J and 3-I in Sector D-12/3, plots 2, 3 and 4-D in Sector D-12/4.
The civic authority had planned to sell 35 commercial plots in different developed sectors of the capital during the auction. During the two days, CDA rejected offers for 20 plots.
“The amount generated from the auction is enough for CDA to meet its non-development expenditures for one year,” a CDA official told The Express Tribune on the condition of anonymity.
“We are likely to sell the remaining plots next year to overcome our financial problems.”
The auction had been supervised by a nine-member committee including Member Finance Dr Fahad Aziz, Planning Member Asad Kiani, Finance Deputy Director General Fazal-e-Mahbood, Land and Estate Deputy Director General Riaz Ahmed Randhawa, Law Deputy. Director General Najma Azhar, Urban Planning Director Sheikh Ejaz, Research and Planning, Director Zafar Iqbal, Public Relations Director Mazher Hussain and Estate Management-II Director Saba Ali.
The auction committee will present its recommendations to CDA Board for final approval of the bids received during auction.
Islamabad Mayor and CDA Chairman Sheikh Anser Aziz also visited the auction and noted the bids received.
“The amount raised from auction of these plots will be utilised for uplift projects in the capital city,” Aziz said.
He added that the public in general and investors in particular were exhibiting greater confidence in
the body.
Published in The Express Tribune, December 15th, 2016.
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