CDA land auction: Jinnah Supermarket plot gets highest bid

Total bids for six plots higher than bids for 56 plots in last auction.


Our Correspondent April 03, 2014
Total bids for six plots higher than bids for 56 plots in last auction. PHOTO: FILE

ISLAMABAD:


Contrary to rumours being floated by a group of real-estate investors, the Capital Development Authority (CDA) on Wednesday received a response significantly above the realistic expectations of city managers from its commercial plot auction.


On the first day of auctioning, the authority received bids worth Rs2.68 billion for six commercial plots presented for bidding on Wednesday.

The two-day auction, which concludes on Thursday (today), features a total of 43 commercial plots.

The highest overall bid received was Rs788,000 per square yard for an 837.77 square yard plot in F-7 Markaz.

Meanwhile, a 1,333.33 square yard plot in Blue Area fetched a bid of Rs625,000 per square yard. During the last land auction, a similar plot in Blue Area only earned a maximum bid of Rs420,000 per square yard.

“The auction committee received overwhelming response. By bidding on higher side, genuine investors also showed their confidence in the CDA,” said CDA spokesperson Asim Khichi, who is also a member of the auction committee.

A plot located in F-11 Markaz received a total bid of Rs744.3 million. This plot was made part of the last auction held in November 2013 but it could not receive bid above the reserve price. The highest bid for a plot reserved for a restaurant in Sector E-7 was Rs122.2 million.

In the last land auction, held in November 2013, the authority offered 56 commercial plots for auction over three days.

Published in The Express Tribune, April 3rd, 2014.

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