News

Check out market updates

CDA board Okays sale of 16-acre plot to UN in Diplomatic Enclave

ISLAMABAD: Capital Development Authority’s (CDA) board meeting, presided over by the authority’s chairman, has approved sale of a 16 acers plot in Diplomatic Enclave against Rs 2.75 billion to United Nations (UN) organisations’ offices in the federal capital.

According to reliable sources, United Nation’s offices are spread in different areas of the federal capital. After a suicide attack on World Food Programme (WPF) office located in street 2 sector F-8/3 in the limits of Margalla Police Station on May 10, 2009, the government decided to shift all the UN offices to Diplomatic Enclave for ensuring security. After this incident in which five persons, including a foreigner, were killed and five persons including an American citizen Adam were injured, the UN offices including UN Development Programme, International Labour Organization, WFP, International Organization for Migration, UN Drug Control Programme, UN Population Fund and others were shifted to Business Complex of Sarina Hotel located near Diplomatic Enclave.

Meanwhile, CDA was instructed to allocate a plot in Diplomatic Enclave for UN offices. The CDA has allocated a plot measuring 16 acers and after negotiation it was decided that 64,000 square yards plot would be sold for US $32 million (Rs 2.75 billion) at the rate of US $ 500 per square yard. On Thursday, during a board meeting headed by CDA Chairman Imtiaz Inayat Elahi and attended by all board members and other high-ups approved the sale of plot to UN offices. The decision of plot’s sale to UN is a good news for CDA, as it will solve its financial problems. The cost of land will be paid in the form of foreign exchange and it will increase the foreign currency account of national exchequer. Moreover, the start of building’s construction activity would create employment opportunities in the federal capital.

Discuss, analyse & share your views (kindly avoid sharing your email & contact number for your safety)