According to news sources, the Capital Development Authority (CDA) effectively concluded its two-day auction in Islamabad on Friday (July 21), surpassing the impressive milestone of PKR 3.82 billion through the sale of 18 plots.
Read more with EL news: Upgrade IRIS to address immovable property tax issues
The auction featured commercial plots in “Capital Street Islamabad,” a new 27-acre CDA initiative located near Shakarparian and the Pak-China Friendship Centre. The initiative seeks to establish a thriving commercial hub in the nation’s capital by drawing inspiration from renowned locations such as JBR Dubai, City Walk Dubai, and Nizami Street Baku.
The auction offered twenty 500-square-foot plots designated for cafés, restaurants, bistros, and other eateries. Diverse investors, including national and international food chains, restaurants, bistros, and individuals from the food and beverage industry, participated actively in the bidding process, resulting in the effective sale of 18 plots for a significant amount of PKR 3.82 billion.
A committed committee, operating under the direction of the CDA’s member finance, scrupulously oversaw the auction procedure. Before being presented to the authority’s board, all received proposals will be subjected to stringent scrutiny. The board, as the competent authority, will then impartially accept or reject the bids, ensuring a fair and transparent allocation procedure for the plots in ‘Capital Street Islamabad.’