Windfall: CDA sells total 29 plots during three day auction

Big fish refraining from making any significant investment in big commercial plots

ISLAMABAD: The Capital Development Authority (CDA) has concluded its three days auction held at Jinnah Convention Centre with sale of six plots on the third day of auction.

CDA auctioned a total of 29 plots out of planned 45 plots, worth over Rs7.10 billion in the three-day auction.

In continuation of previous two days trend the investors largely focussed in auction of small plots, whereas large size plots did not catch their attention The CDA sources said that due to prevailing political and economical conditions major investors are refraining to make any significant investment in big commercial plots.



The authority received major offers for class-III shopping centres and other commercial plots in markaz.  Public at large participated and appreciated the well managed auction process which led to an open, transparent and successful auction. Small plots got enthusiastic response while the response towards large plots was lukewarm. Auction was conducted under the supervision of Chairman Auction Committee, Financial Adviser / Member, CDA, Dr Fahad Haroon Aziz.

The CDA received Rs3.63 billion offers for 11 plots on first day of auction followed by Rs2.76 billion for 12 commercial plots on second and sold six plots on third day of auction worth over Rs713.697 million.

The three-day auction of commercial plots was supervised by a committee specially constituted by Chairman, CDA Usman Akhtar Bajwa. Member Finance, CDA, Dr Fahad Aziz was heading the 11 member committee.



Member Estate Khushal Khan, Dy.D.G (Estate), Dy.D.G(Law), Deputy Financial Advisor-II, Director Public Relations, Director (UP), Director (RP), Director Estate Management-II and Deputy Director (Finance) of CDA were also the members of the committee. The auctioned plots include Plot No 3-B, Class-III shopping centres, Sector I-11/4 size 444.44 square yard, against Rs261,000 sq yd, total proceeding amount Rs115,998,840, Plot No3-C, size 444.44 square yard, in Sector I-11/4, against Rs210,000 per sq yd, total Rs9,33,32,400 , Plot No21, size 150 square yard,  Shahzad Town against Rs266,000 square yard, total Rs39,900,000, Plot No5-J, size 3166.66 square yard, sector I-10/3 against Rs70,000 per square yard, total Rs221,666,200 and Industrial Area Plot No 05-H, size 3166.66 against Rs68,000 per square yard, total Rs215,332,880 was auctioned. Similarly, Plot No1-E, size 133.33 square yard, Margalla Town against Rs206,000 per square yard, total Rs27,465,980 was auctioned.

Published in The Express Tribune, March 30^th, 2018.