Rs156m raised from sale of 5 Islamabad properties

The Privatisation Commission on Monday completed the auction of five, unutilised government properties in the federal capital, raising Rs156.45 million in line with its plan to earn greater foreign exchange.

“The auction process has resumed after [a gap of] four years and it will continue,” Privatisation Minister Muhammadmian Soomro told the auction ceremony on Monday, adding that the government is privatising 17 other entities simultaneously.

He further said that they aim to auction a total of 26 government properties owned by various ministries and divisions to earn the foreign exchange.

“A transparent auction has reduced the losses and debts of institutions in line with the vision of the prime minister,” Soomro added. “Transparency in the privatisation process will be maintained.”

Soomro explained that all eligible bidders were given a fair and equal chance to actively participate in the bidding process, which was conducted by the financial advisors in the presence of media and monitored by the auction committee comprising of senior officials of the ministry.

He urged the public to come forward and show an interest in the auction because, without the cooperation of the people, the programme cannot materialise.

During Monday’s auction, the Privatisation Commission sold a piece of government land in Sohawa for Rs19.2 million.

Similarly, two penthouses in the Islamabad Country Club were sold for a combined Rs61 million. Apartments at two locations, including one in Two Centaurus Mall in Sector F-8/4, and other located at PHA Apartments in Sector G-7/2, were sold for Rs61 million and Rs15.25 million respectively.

The reserve price of these properties had been set at 140.525 million, however, the sales fetched Rs156.45 million, 11.3 per cent more than the reserve price.

Earlier, the Federal Minister for Maritime Affairs Ali Zaidi said that they had achieved a milestone on Monday, upon which we shall build a positive image and work for the future of privatisation.

Zaidi stressed that the sale of unused properties in various ministries was necessary. “For 50 years, ministries have been occupying properties, which were no longer of any use,” he said. “Privatisation is an effective measure to reduce the government’s debt burden.”

Special Assistant to Prime Minister (SAPM) for Overseas Pakistanis Zulfikar Bukhari lauded the privatisation plan.

“It is necessary to make use of the government assets lying vacant and unutilised,” he said, adding that due to the government’s package for the construction sector, there has been a significant improvement in the real estate sector.

Published in The Express Tribune, September 8^th, 2020.