Walton Airport land: First auction fetches Rs21.6 bn from five plots

LAHORE: The first auction of the Walton Airport land was made successful in the second attempt Tuesday as the Lahore Central Business District Development Authority (LCBDDA) managed to fetch Rs21.588 billion from the sale of the five plots.

The first of auction failed due to multiple reasons. Following the first failing attempt, the LCBDDA kept the public away from the Tuesday auction while only interested auctioneers were allowed to enter the auction place. The LCBDDA also commonly known as Central Business District (CBD) Tuesday auctioned five plots with total 62 kanals. Overall, 13 local and international individuals and consortiums participated in the bidding process.

The biggest size of plot with total land of 18 kanals fetched Rs7.632 billion price. The reserve price of the plot was fixed at Rs160 million per kanal while it was auctioned at final bid of Rs424 million. Thus the CBD was able to fetch Rs7.632 billion against the plot.

The successful bidder was a consortium of local and Turkish builder named Nova City Developers and Bayraktar Insaat (Turkish real estate giant). The second plot measuring 11 kanals with reserve auction price of Rs 160 million per kanal was managed to auction at Rs382 million per kanal.

The CBD got Rs4.202 billion of total price of the plot from successful bidder AEC, Lahore. The third plot auction measuring 10 kanals with reserve price of Rs140 million per kanal was auctioned at Rs284 million per kanal. M. Abbas Khan was the successful bidder of the plot with auction money of Rs 2.84 billion.

Two plots were taken by Pakistan Corporate Consortium. The size of the plots is 10 and 13 kanal each. The reserve price of 10 kanal plot was Rs 140 million per kanal while it auctioned at Rs284.5 million per kanal. The CBD fetched Rs2.845 billion against the plot.

The reserve price of 13 kanal plot was Rs160 million per kanal and finally auctioned at Rs 313 million per kanal. The total auctioned price of the plot was Rs4.069 billion.

Speaking on the occasion, LCBDDA CEO Imran Amin said the project will be a sign of inspiration and a class of new beginning in the field of construction.The CBD team is striving to put every effort for the success of this project and sincerely hopes that it will benefit all the stakeholders.

According to a statement, sharing views on successful auction of Pakistan’s first business district, Punjab Chief Minister Usman Buzdar said he was overwhelmed to announce about the successful auction event that LCBDDA aimed to provide to the people an appropriate ecosystem and infrastructure supporting the livelihood of city dwellers.