Islamabad: The Capital Development Authority (CDA) recently auctioned off nine 27-acre properties on Capital Street, according to a post on the authority’s official Facebook page.
On the first day of the two-day auction, the municipal authority effectively raised a substantial sum totaling 1.82 billion Pakistani Rupees. The auction, which began on the 20th of July, will conclude today, on the 21st.
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The Shakarparian Pakistan-China Friendship Centre will be home to the ‘Capital Street’ initiative, which draws inspiration from successful models such as JBR Dubai, City Walk Dubai, and Nizami Street in Baku. The project seeks to accommodate cafes, restaurants, and bistros across 50 lots measuring 500 square yards each.
During the first day of the auction, investors responded enthusiastically to the endeavour. The following are the specifics:
- The first parcel was sold for PKR 208.5 million.
- The second parcel was sold for PKR 198.5 million.
- The third parcel was sold for PKR 168.5 million.
- Number 4 was sold for 165 million Pakistani rupees
- The fifth parcel was sold for PKR 179 million.
- Number 6 was sold for 153 million Pakistani rupees
- 7 was sold for a price of PKR 266.5 million
- The tenth parcel was sold for PKR 265 million.
- Lot 11 was sold for 230 million Pakistani rupees.
CDA Member Finance, along with other members of the auction committee, including Member Estate, Member Planning and Design, DFA-II, DG LDA, Director Urban Planning, Director Regional Planning, Director Estate Management-II, and Director Finance, are closely monitoring the auction process. Before being presented to the CDA Board, the authorized forum for accepting or rejecting bids, all received bids will be subjected to a comprehensive examination and review.
The current auction is evidence of the considerable interest and investment opportunities in the development of Capital Street in Islamabad.