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Islamabad: Financial crunch: Question mark looms over F-9 Park project - Naveed Yaseen - 10-31-2008 06:46 AM
By Imran Naeem Ahmad
ISLAMABAD: The massive development of Fatima Jinnah Park could run into problems sooner or later with Capital Development Authority (CDA) facing a serious liquidity crunch.
Insiders told Daily Times on Thursday that although work on 200 acres of land that forms part of the second phase was continuing, much would now depend on the availability of funds.
“It is a question of how far we can go with whatever little we are left with,” said a senior CDA official familiar with the park project.
The CDA currently has ongoing projects valuing Rs 18 billion and is in dire need of generating as much as Rs 26 billion from real estate. “We are not sure even if we would be able to complete the second phase, so bad is the situation,” he said.
While the authorities had finalised the design of another 150 acres for development but that just might well have to be put on hold for a considerable time, given the bleak financial scenario.
The official said immediate measures needed to be taken to save the project the first phase of which comprising 40 acres was developed earlier. This includes lush green lawns, ponds, walkways, lighting and plantation.
It is now being feared that with pressing problems like that of water and sewerage still to be addressed, projects such as the F-9 Park and other similar ones might have to take a backseat.
However amid this gloom, the good news is that the newly developed kids’ play area on the park’s premises is to be opened shortly. “We intend to open the park within the next 20 days,” said the official.
Spread over an area of 20 acres, the formal opening of the children’s park was delayed because of required clearance of the Swedish and Chinese companies that provided the rides.
The attack on Marriott Hotel and the overall uncertain security situation in the country were also the contributing factors that caused the delay.
But now the authorities have been able to complete all formalities and hope to throw open the facility by November 20.
Although the rides were briefly made accessible to children, their misuse by adults prompted the authorities to shut it down. This led to the entire facility being fenced to prevent its abuse.
The children’s park has been planned in a manner that it would cater to kids of all age groups. The area is divided into three zones according to the age brackets with rides in each zone being age-specific.
There is an area reserved for toddlers, children in the age group of six to 10 and 10 to 14 years. The CDA plans to replicate the same model at Lakeview Park.
During the tenure of former chairman Kamran Lashari, the CDA embarked upon a development spree with special attention being given to road projects, parks, picnic spots and play areas.
http://www.dailytimes.com.pk/default.asp?page=2008\10\31\story_31-10-2008_pg11_1