ISLAMABAD: With all the hopes for financial stability pinning on the newly launched Park Enclave project, the Capital Development Authority (CDA) is leaving no stone unturned for its smooth execution.

The authority is now seeking expression of interest for the development of the housing society, the decision for which was conveyed to concerned companies through print media on Friday. The technical and financial proposals would be sought by CDA through media advertisements from the interested companies within 15 days.

“CDA would shortlist five firms within 10 days of receiving the bids,” said the spokesperson for the civic authority, Ramzan Sajid.

The civic authority has offered 700 plots of one kanal in the CDA Park Enclave against Rs12.5 million for each. Of these, over 600 plots were booked after the registration deadline was extended, Sajid said, adding that 60 plots will be set aside and auctioned after the completion of the housing scheme and the remaining plots will be put up for sale in February and March next year.

To boost the confidence of the investors, Sajid said that CDA plans to complete the project in a “record period of one year”.

A contract of Rs1 billion will be awarded to a construction company for which pre-qualification criteria will be notified through print media today (Saturday), he added.

Meanwhile, Member Finance Saeedur Rehman, said, “It is our desire to select a well reputed and resourceful firm for the development of Park Enclave.”

After completion of his tenure in CDA, Rehman got special permission of Prime Minister Yousaf Raza Gilani to continue as Financial Advisor of CDA till further order.

A renowned Islamabad-based architect wishing not to be named criticised this plan of combining development and the designing of the housing scheme. “The nature of the two tasks is entirely different,” he said.

Adding, “If the civic body would choose one firm for the ‘design and built’ of the Park Enclave it would be disastrous because the contractor would prepare a design of the area on the line of his own model of construction ignoring the technicalities.”