Mega deals: CDA to offer three luxury hotel plots in November
Plots located in Blue Area, Murree Road, Sector E-11
CDA will launch a massive advertisement campaign titled “strategic sites for luxury hotels” in coming days. PHOTO: FILE
ISLAMABAD:
The Capital Development Authority (CDA) aims to replenish its coffers by auctioning three five-star-hotel plots in November. City managers are expecting a round of fierce bidding in what a CDA official termed “an exclusive commercial land auction” scheduled for November 16 and 17. The CDA will invite national and international bidders through advertisements to participate in the two-day open auction.
Almost 9.5 hectares of prime land comprising three plots will be put up among real estate majors and hotel industry giants with reserve price tags, which the official said will be quite high in comparison to the market rates offered against five-star hotel plots in Islamabad in past.
The largest of the three plots, which measures 11.742 acres and is located in Blue Area between Sectors F-9 and G-9, will be the centre of attraction. While plots measuring nine acres and 2.77 acres, located on Murree Road and northern strip of Sector E-11 respectively, will also be offered.
CDA will launch a massive advertisement campaign titled “strategic sites for luxury hotels” in coming days.
“If these plots sail through smoothly, it would help boost stagnant commercial property market of Islamabad,” commented Sohail Abbasi, a real estate investor.
CDA spokesman Ramzan Sajid said there was demand for plots as Islamabad did not have enough luxury hotels.
“Some luxury hotels are running their facilities in residential areas,” Sajid said. He added that the CDA would ask successful bidders to submit bank guarantees with the CDA to ensure that owners serve the purpose for which that property would be sold.
Published in The Express Tribune, September 13th, 2015.
The Capital Development Authority (CDA) aims to replenish its coffers by auctioning three five-star-hotel plots in November. City managers are expecting a round of fierce bidding in what a CDA official termed “an exclusive commercial land auction” scheduled for November 16 and 17. The CDA will invite national and international bidders through advertisements to participate in the two-day open auction.
Almost 9.5 hectares of prime land comprising three plots will be put up among real estate majors and hotel industry giants with reserve price tags, which the official said will be quite high in comparison to the market rates offered against five-star hotel plots in Islamabad in past.
The largest of the three plots, which measures 11.742 acres and is located in Blue Area between Sectors F-9 and G-9, will be the centre of attraction. While plots measuring nine acres and 2.77 acres, located on Murree Road and northern strip of Sector E-11 respectively, will also be offered.
CDA will launch a massive advertisement campaign titled “strategic sites for luxury hotels” in coming days.
“If these plots sail through smoothly, it would help boost stagnant commercial property market of Islamabad,” commented Sohail Abbasi, a real estate investor.
CDA spokesman Ramzan Sajid said there was demand for plots as Islamabad did not have enough luxury hotels.
“Some luxury hotels are running their facilities in residential areas,” Sajid said. He added that the CDA would ask successful bidders to submit bank guarantees with the CDA to ensure that owners serve the purpose for which that property would be sold.
Published in The Express Tribune, September 13th, 2015.