Islamabad: The Capital Development Authority (CDA) has sold eight commercial plots, fetching a total PKR 22.11 billion, on the first day of its three-day auction, news sources reported on January 24.
The CDA’s auction committee, headed by Member Estate Afnan Alam Khan, received the highest bid of PKR 1.435 million per square yard for plot number 62 in the old Blue Area. The bid amounting to PKR 8.54 billion for this plot was submitting by Mari Petroleum.
In addition, plots number 13 and 2 in the Blue Area, measuring 611 square yards each, received the highest bids of PKR 3.01 million and PKR 2.63 million per square yard respectively, fetching PKR 1.83 billion and PKR 1.60 billion.
The auction committee offering two more lucrative plots measuring 9,600 square yards and 4,511 square yards in the Blue Area on the second day of the auction.
It is worth mentioning that all the highest bids are subject to approval by the CDA board. This auction marks the first such event in the last two years where the CDA is selling government land. During these two years, the slow pace of development in private housing and commercial projects and the lack of new private projects created a strong demand for such plots.