Pakistan

Fund raising: Rs4.5 billion worth of plots auctioned

CDA board to discuss bids before issuing approval.

Our Correspondent November 20, 2012 1 min read

ISLAMABAD:

The Capital Development Authority (CDA) received bids for 10 commercial plots it put up for auction on Tuesday. If the bids are approved by the CDA board, the civic agency will net a whopping Rs4.32 billion from the plots.

Earlier on Monday, the CDA also auctioned 10 residential plots which could bring in another Rs149.8 million.

Four commercial plots in the much-hyped Blue Area extension were up for grabs at Tuesday’s auction.

The highest bid was for the 1,333.33 square yard B3 Blue Area plot, which is between sectors F-9 and G-9. The plot received a final bid of Rs360,000 per square yard, or Rs480 million for the whole plot.

Plots B2 and B4 — both in the same area as B2 — received bids worth Rs473 and Rs383 million respectively.

The 2,666.6 square yard B5 plot between sectors F-8 and G-8 got a bid of Rs313,000 per square yard.

A 2,184 square yard site in the northern strip of Sector E-11 reserved for a filling station received a bid of Rs84,000 per square yard.

Two medium-rise apartment building sites in the same sector, both 4,833.33 square yards, went for Rs280 million and Rs266 million.

Plot number 10 in F-11 Markaz received a bid of Rs286,000 per square yard for its 888.88 square yards, while a 1,333 square yard plot in D-12 went for Rs136,000 per square yard.

CDA spokesperson Ramzan Sajid said the auction received a good response from the public. He said the CDA board will go over the bids and if the offered price seems too low, the board can reject the bids.

On Monday, the CDA auctioned 10 residential plots in Sector G-10/2.

Of the six plots measuring 355.55 square yards, plot number 556 received the highest bid of Rs51,000 per square yard, which comes to around Rs18 million in all. Plot 551 received the lowest bid of Rs14.9 million, or Rs42,000 per square yard.

The four G-10/2 plots measuring 272.22 square yards received selected bids in the range of Rs46,500 to Rs50,000.

The auction process was supervised by CDA Finance Member Azhar Ali Chaudhry.

Published in The Express Tribune, November 21^st, 2012.