CDA shares details on revenue generated from commercial plots’ auction
Islamabad’s Capital Development Authority (CDA) disclosed the details of a three-day auction of commercial plots conducted from May 29 to May 31, as reported by national newspapers on June 1.
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According to the available information, the authority was able to auction 17 out of 45 commercial sites, generating a total of PKR 19.35 billion. It was reported that investors’ interest in the auctioning of commercial properties in the lucrative areas of the capital city was lower than anticipated.
The auction committee accepted the highest proposal of slightly more than PKR 820 million for a 2,222.22-square-foot gas station in Markaz D-12. The greatest bids for the plots are contingent on approval by the CDA Board, which will convene shortly. The following information pertains to the auctioned parcels:
- A 4,888.88-square-yard parcel in Blue Area (G-6/F-6) was sold at auction for PKR 7.8 billion.
- A 700-square-foot plot sold for PKR 1.7 billion.
- A gas station in Sector H-9 was sold at auction for PKR 3.35 billion.
- The CDA reminds the public of the impending auction of commercial plots.
- The CDA resolved to auction off parcels in order to raise funds for ongoing and future development projects.
