NLC to initiate development work at Central Business District
National Logistics Cell (NLC) will undertake development projects at the Lahore Central Business District (CBD).
After the auction of five prime commercial plots through open bidding last month, Lahore Central Business District Development Authority (LCBDDA) CEO Imran Amin along with Central Business District (CBD) team called on NLC Director General Yousaf Jamal at the project site, on Saturday, for briefing over CBD’s development works.
Speaking on the occasion, Amin underscored, “The Lahore Prime project will be a symbol of inspiration and innovation in the country. The world class infrastructure will unveil a new era in the field of construction and modern amenities. The CBD team is striving to put every effort for success of this mega project and sincerely hopes that it will benefit the brighter future of all the stakeholders.”
Earlier, speaking to The Express Tribune, Amin said the authority had targeted to complete the CBD infrastructure in 18 months.
In the first phase, the LCBDDA CEO highlighted, the authority had already auctioned five prime commercial plots for Rs26.5 billion as pilot project.
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“It has happened first time in Pakistan that any government organisation has auctioned public assets at such a high value. We have already surpassed by 120 per cent from the envisaged revenue. Both local and international have expressed their keen interest in the project. Even in the pilot phase, a Turkish investment group has made investment and the authority is deliberating with other local and international investors for other phases,” he said.
Amin stated seven more plots are ready for auction in the first phase. “The authority is evaluating different options, like private public partnership or Real Estate Investment Trust (RIET), for attracting more investment.”
Answer a question, he explained that in the next six months or so, construction of high-rise building will start on plots that had been auctioned. “In the CBD, building height of 500-foot is already approved, which means any investors can go up to 45 stories. If they want to construct a higher building, they have to seek approval from the Civil Aviation Authority.”
He elaborated, “These mega structures would take 24-36 months to complete. Only these five building will generate an economic activity of Rs150 billion in provincial capital’s economy.
Speaking about future endeavours of the authority, he revealed the authority is planning to build high-rise residential apartments on Wahdat Road by demolishing existing government residential quarters. “We have also asked district administrations of Faisalabad, Sialkot and other business and industrial district to identify sites to kick start similar projects. After provincial capital, similar engines of growth will be developed in Faisalabad and Sialkot in first phase,” he concluded.
Published in The Express Tribune, October 3rd, 2021.