CDA raises over Rs8.58b in a single day

Civic body sells 10 commercial plots on the second day of auction

ISLAMABAD: Greater investor interest helped the Capital Development Authority (CDA) post arguably its most successful auction ever as it sold 10 commercial plots for over Rs8.58 billion in a single day.

Following on from what was a mild trading on the first day of its three-day auction, the CDA put up 25 commercial plots worth over Rs9 billion under the hammer on the second day of its auction at the Jinnah Convention Centre.

However, it managed to sell only 10 plots on Wednesday.

Of these, two commercial plots of identical size in the Blue Area fetched the highest prices. Plot No.3, which was 2,666.67 square yards in Blue Area (F&G-8) was rated at Rs925,000 per square yard and went for a total of Rs2.466 billion.

On the other hand, a plot adjacent to it, plot No.4, size 2,666.67, Blue Area(F&G-8) rated slightly lower at Rs873,000 per square yard, fetched Rs2.328 billion.

The plot which fetched the highest price was plot 14-C, with a size of 4,778 square yards for an apartment in Sector G-5 Diplomatic Enclave at Rs375,000 per square yard, raising a total of Rs1.791 billion.

Other auctioned plots included plot 9 of 160 square yards in Sector F-6/2 at a rate of Rs575,000 per square yard fetching Rs92 million. Plot 10 of 160 square yards in the same sector fetched a rate of Rs677,000 per square yard, raising a total of Rs108.320 million. Plot 12, of 233.33 square yards in Sector F-8/3 fetched a rate of Rs600,000 per square yard, raising a total of Rs140 million. Plot 18, of 711.11 square yards in Sector D-12 Markaz fetched Rs291.51 million.

A 711.11 square yard piece of land Plot 18-A, Sector D-12 Markaz raised Rs259.515 million. Plot 3 sprawling over 1,600 square yards in Sector D-12 Markaz raised Rs484.8 million. Plot 12 of 4,800 square yards in Sector G-11 (meant for economy flats) raised a total of Rs619.2 million.

The total amount of raised by the plots auctioned on the second day stood at Rs8.582 billion.

Earlier on Tuesday, the civic body had auctioned 15 residential plots and raised Rs500 million.

The CDA was supposed to auction 43 commercial plots during the three-day auction along with 80 residential plots.

Islamabad Mayor and CDA Chairman Shiekh Anser Aziz appreciated the auction team for fruitful results.

The auctioned plots would now be reviewed by a committee especially constituted by the Islamabad mayor.

The committee, headed by CDA Member Finance Dr Fahad Aziz includes nine members including  Member (Planning), Finance deputy director general, L&E deputy director general, Law deputy director general, UP director, RP director, Public Relations director and Estate Management-II director.

The committee would present its report to the CDA Board the competent body to approve all successful bids.

Published in The Express Tribune, May 18^th, 2017.