Property

Five commercial zone plots auctioned for Rs 21.5 billion in Lahore

Lahore commercial plots

Five commercial plots for Rs 21.588 billion have been auctioned in Lahore after it received the highest bid price from four groups. 

On the eve of auctioning five commercial plots for Rs 21.588 billion by Lahore Central Business District Development Authority (LCBDDA), held on Tuesday, Chief Minister Punjab Usman Buzdar said, “I am overwhelmed to announce the successful auction event that LCBDDA aimed to provide to the people with an appropriate ecosystem and infrastructure supporting the livelihood of city dwellers. Undoubtedly, the activities like Lahore Prime contribute to the alleviation of poverty.”

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He added, “Punjab aimed to provide jobs and businesses opportunities as over two million people would be able to get jobs in the projects /initiatives launched by the LCBDDA and the Ravi Urban Development Project.”  

According to the details, the Prime-1 Plot measuring 18 Kanal was auctioned for Rs 7.623 billion to a joint venture of Nova City Developers & Bayraktar Insaat, the Prime-2 Plot of 11 Kanal was auctioned for Rs 4.202 billion to ASE-Hasnat, Prime -3 Plot of 10 Kanal was auctioned for Rs 2.840 billion to M Abbas Khan, the Prime Plot-4 and 5 of 10 Kanal each were auctioned for Rs 4.069 billion and Rs 2.845 billion respectively to Pakistan Corporate Consortium.  

Chief Executive Officer of LCBDDA, Imran Ameen told on the occasion, “This portion of the central business district will become a state-of-the-art commercial hub having a skyline. It will change the existing and obsolete culture of commercialization in Lahore. As far as I know, about, it is perhaps the highest open auction that fetched such huge money in one go. 18 groups comprising several companies enthusiastically participated in the auction.  

The CEO of the Lahore Central Business District Development Authority said that the revenue target of Panjab for the current fiscal year is Rs 70 billion but due to the fruitful efforts of LCBDDA under the guidance of CM, the authority could fetch Rs 21.5 billion in one go by auctioning the five precious plots. Per Kanal reserve/base auction price for Prime -1,2,3,4 and 5 plots had been fixed as Rs 160 million, Rs 160 million, Rs 140 million, Rs 160 million, and Rs 140 million respectively.

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