RUDA Sapphire Bay Zone 3
A mega consortium of more than 10 firms led by a known group of companies has succeeded in getting development rights of the phase-1 (Sapphire Bay) of the country’s first mega riverfront development venture in Lahore — Ravi Riverfront Urban Development Project worth billions of dollars.
“We have completed the bidding process for awarding/granting rights of developing the phase-1 (2,000 acres / Sapphire Bay) of the project. The formal announcement about the successful bidder will be made on Monday or Tuesday (May 31 or June 1),” RUDA’s Chief Executive Officer Imran Ameen
According to RUDA chief, as many as eight groups/companies were pre-qualified for submitting their technical bids for the project. Of eight, he said, four qualified technically and they were asked to submit their bids. Out of four, three—including one (Javedan consortium) owned by Arif Habib Group of Companies—submitted bids.
“Of three, Javedan’s financial bid was more than the other bidders–Bahria Town and Metracon,” Ameen added.
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