News

Check out market updates

Islamabad: CDA hopes to fetch over Rs2 billion from a large commercial plot auction

The Capital Development Authority (CDA) will offer a large semi-commercial plot behind the devastated Marriott Hotel for open auction shortly.

Sources in the CDA told ‘The News’ here on Wednesday that the plot is likely to fetch over Rs2 billion because of its size and ideal location.“We will call applications from interested parties for auctioning the plot,” a CDA official told ‘The News.’

The shortlisted parties would be called at a meeting where open bidding would be held in the presence senior CDA officials and representatives of bidders and media. “We hope to get response from international chains of hotels,” the official said.

The CDA official said that the plot was offered for bidding a few months back. At that time it attracted the highest bid of Rs1.75 billion but the lowest bidder went to the court taking the plea that it was his right to get the plot.

It has been learnt that the CDA would allow construction of a seven-storey five-star hotel and a shopping mall on the plot. “The terms and conditions in the auction of plot will also include provision of emergency exits and more than one exits for routine operation,” the official said.

Sources said that one of the interested parties which took part in the previous bidding submitted an application to the CDA to get the plot but it was asked to match the highest bid of Rs1.75 billion.

Currently, the construction of five-star and five-star plus hotels is in progress in the federal capital in addition to existing two hotels. The management of the Marriott had promised to reopen the hotel by December 31. The CDA has forwarded names of five consultants to the hotel management for inspection of the building structure.

Source: The News

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