The Ministry of Privatization has officially floated tenders for privatization of the Jinnah Convention Center (JCC).
According to the official notification circulated by the ministry’s publication arm, the convention center has existed on the active list of privatization for the better part of a decade, envisioning 100 percent share transfer to potential buyers upon acquisition. Reports suggest that the money produced through its sale will be apportioned for potential development projects under the Capital Development Authority (CDA).
A few days before, the Ministry of Privatization posted on Twitter, “The 2nd Privatization Commission Board meeting of the year 2021 held today. Privatization process of Services International Hotel, Heavy Electrical Complex, Jinnah Convention Center and some other entities will be completed soon.”
In this regard, a statement reads, “The government, acting through the Privatization Committee (PC), intends to proceed with the sale of the leasehold rights of JCC Property through competitive bidding. The Privatization Committee has obtained the approval of the federal cabinet and no objection from the Capital Development Authority on the following key features of this Transaction:
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- The Jinnah Convention Center property shall have a commercial status with a total plot size of 7.59 acres (including built-up structure on 4.13 acres)
- Flexible land use [convention center / hotel (with in-house retail) and/or office space and/or apartments]
The prospective investor(s) will have the choice to retain the existing structure or not. In case of the latter option, the prospective investor(s) shall ensure adequate provision of space for the holding of convention/conferences, etc., while exercising mixed use of development options
- The total footprint of the development shall be up to 70% of the total plot size
- The maximum allowable height limit of 335 feet with Floor Area Ratio (‘FAR’) of 1:10, and vehicle parking based on one car per 1,000 sq. feet of covered area
- The investor(s) would have a right to sell leasehold rights in built-up units”