{"id":79135,"date":"2021-08-27T12:25:59","date_gmt":"2021-08-27T07:25:59","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=79135"},"modified":"2021-08-27T12:26:03","modified_gmt":"2021-08-27T07:26:03","slug":"auctions-off-services-international-hotel-lahore","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/auctions-off-services-international-hotel-lahore.html","title":{"rendered":"Privatisation Commission auctions off Services International Hotel Lahore"},"content":{"rendered":"\n<p>Islamabad: The renowned real estate developer Faisal Town Pvt Ltd won the Services International Hotel in Lahore in a bidding procedure held by the Privatisation Commission on Thursday (August 26), news sources reported. The said hotel was sold for PKR 1.951 billion, which was more than the base bid price of PKR 1.949 billion as set by the privatisation commission, operating under the chairmanship of the Federal Privatisation Minister Mohammadmian Soomro.\u00a0\u00a0<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/pc-auction-lahores-service-international-hotel.html\" target=\"_blank\" rel=\"noreferrer noopener\">Privatisation Commission to auction Lahore\u2019s Service International Hotel<\/a><\/p>\n\n\n\n<p>The 15- kanal Services International Hotel, located on Upper Mall, is presently a non-functional government asset. The Lahore Development Authority has already cleared the premium site as commercial property, making it available for all sorts of commercial development. According to the reports, two bidders participated in the auction, and Faisal Town Pvt Ltd won with an offer that was PKR 2 million higher than the base price.\u00a0 As agreed by the bidder and the privatisation commission, the buyers will have to submit 30% of the total price within 20 days of getting the confirmation letter and the remaining 70% within 60 days of issuance of the letter.\u00a0\u00a0<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/privatisation-of-state-owned-properties-to-conclude-in-lahore-today.html\" target=\"_blank\" rel=\"noreferrer noopener\">Privatisation of state-owned properties to conclude in Lahore today<\/a><\/p>\n\n\n\n<p>Speaking on the occasion, the minister stated that the bidding was successful and that the government is planning similar <a href=\"https:\/\/www.zameen.com\/news\/twelve-state-owned-properties-shortlisted-phase-wise-privatisation.html\" data-type=\"post\" data-id=\"70526\" target=\"_blank\" rel=\"noreferrer noopener\">privatisations of non-profitable government entities<\/a> such as Pakistan Steel Mills, Mari Petroleum, the Jinnah Convention Centre in Islamabad, SME Bank, First Women Bank, PPL, Guddu Power Plant, Heavy Electrical Complex, and other power plants. To this effect, investors&#8217; expressions of interest in Pakistan Steel Mills would be invited soon.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The renowned real estate developer Faisal Town Pvt Ltd won the Services International Hotel in Lahore in a bidding procedure held by the Privatisation Commission on Thursday (August 26), news sources reported. The said hotel was sold for PKR 1.951 billion, which was more than the base bid price of PKR 1.949 billion as set by the privatisation commission, operating under the chairmanship of the Federal Privatisation Minister Mohammadmian Soomro.\u00a0\u00a0 Read: Privatisation Commission to auction Lahore\u2019s Service International Hotel The 15- kanal Services International Hotel, located on Upper Mall, is presently a non-functional government asset. The Lahore Development Authority has already cleared the premium site as commercial property, making it available for all sorts of commercial development. According to the reports, two bidders participated in the auction, and Faisal Town Pvt Ltd won with an offer that was PKR 2 million higher than the base price.\u00a0 As agreed by the bidder and the privatisation commission, the buyers will have to submit 30% of the total price within 20 days of getting the confirmation letter and the remaining 70% within 60 days of issuance of the letter.\u00a0\u00a0 Read: Privatisation of state-owned properties to conclude in Lahore today Speaking on the&hellip;<\/p>\n","protected":false},"author":84,"featured_media":69903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[47802,45550,47803],"persona":[],"class_list":{"0":"post-79135","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-privatisation-commission-auctions-off-services-international-hotel-lahore","9":"tag-proceeds-launched-for-privatisation-of-services-international-hotel","10":"tag-services-international-hotel","11":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Services International Hotel Lahore auctions off - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The renowned real estate developer Faisal Town Pvt Ltd won the Services International Hotel in Lahore in a bidding procedure held by the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/auctions-off-services-international-hotel-lahore.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Services International Hotel Lahore auctions off - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The renowned real estate developer Faisal Town Pvt Ltd won the Services International Hotel in Lahore in a bidding procedure held by the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/auctions-off-services-international-hotel-lahore.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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