Seven plots auctioned for Rs34.89bn in Lahore

LAHORE: The Lahore Central Business Development Authority (LCBDA) also known as the Central Business District (CBD) Punjab on Thursday auctioned seven plots worth Rs 34.89 billion. The commercial plots were titled as the Downtown Lahore.

The Lahore Downtown comprised seven commercial plots ranging between 12 and 14 Kanals. The Lahore Downtown One was sold to the Pothar Developers for Rs 6.5 billion, the Downtown Two to the Nova Group for Rs 5.1 billion, the Downtown Three to the Onyx Developers for Rs 4.08 billion, the Downtown Four to the Kingdom Valley for Rs 3.6 billion, the Downtown Five to the Kingdom Valley for Rs 4.2 billion, the Downtown Six to the Grand Arc Builders for Rs 5.28 billion and the Downtown Seven to the ASE Constructors for Rs 6.14 billion.

The reserve price of the Downtown One was Rs 2.1 billion and 75 bids were received against the property. The Downtown Two reserve price was Rs 1.8 billion and 44 bids were received for it, the Downtown Three reserve price was Rs 1.5 billion and 48 bids were received, the Downtown Four reserve price was Rs 1.5 billion and 33 bids were received, the Downtown Five reserve price was Rs 1.5 billion and 90 bids were received, the Downtown Six reserve price was Rs 1.8 billion and 39 bids were received, the Downtown Seven reserve price was Rs 2.1 billion and 24 bids were received. The total reserve price for the seven plots was Rs 12.3 billion while they were auctioned against Rs 34.89 billion, registering a whopping increase of 184 per cent Rs 22.589 billion.

The auction committee to judge the grand auction comprised CEO LCBDA Iman Amin, Brigadier (R) Mansoor Janjua, Secretary Colonies Jamil Ahmed. Sumair Abid and Kamran Ali Rehman were part of the auction jury. ASC Hasnat, Samama Khan Randhawa, Nova Group, Pothar Builders, HN Developers, Kingdom Valley, Grand Arc Builders and Jalal Khan Bilal Khan Builders participated in the auction. The CBD Punjab ensured transparency of the whole bidding process.

Speaking on the occasion, Imran Amin said the LCBDA followed bylaws and a five-year installment plan for the developers. The Lahore Downtown has its own significance due to its ideal location in the heart of Lahore Gulberg, Main Boulevard. He said the LCBDA is committed to urbanization, economic stability and growth of the country. The CBD Punjab organized the grand auction ceremony in which international and domestic investors participated. Potential bidders showed keen interest in the Lahore Downtown, he added.