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FGEHF auctions commercial plots, earns over PKR 700 mn - Zameen News

FGEHF auctions commercial plots, earns over PKR 700 mn

February 21, 2019 • news

Federal Government Employees Housing Foundation

Islamabad: The Federal Government Employees Housing Foundation (FGEHF) on Wednesday auctioned several commercial plots situated in sectors G-13 and G-14/4 of the capital city – a news source reported.

ReadFGEHF invites bids to develop Sector G-14/4

A ceremony to this effect took place at the Islamabad Hotel Melody. FGEHF Director General Waseem Hayat and senior officials of the Ministry of Housing & Works were all present at the occasion.

At least 15 commercial plots were put up for auction. The event began at 10 in the morning and continued till 4 in the evening. The authority managed to earn PKR 706.35 million through the auction process.

A plot situated in sector G-13/2 measuring 233.33 square yards fetched a price of PKR 88 million. The same plot had received the highest bid offer of PKR 380,000 per square yards. Similarly, two plots in the same sector - measuring 500 square yards – were each auctioned for PKR 262,000 per square yard.

ReadFGEHF to auction commercial plots in G-13/14

Nine of the 15 plots were auctioned, while the authority deferred the auction of six plots. FGEHF plans to spend the amount received on the development of sectors G-13 and G-14/4.