Revenue generation: LDA auctions rooftop restaurant, plots

[Salman]

LAHORE: The Lahore Development Authority auctioned tenancy rights to a rooftop restaurant at the Park N Ride Plaza, Liberty Market on Thursday.
The restaurant, located at the plaza’s 10th floor, was leased for Rs15.76 million per year. The lowest bid for the highest rooftop restaurant of the city, covering an area of 9,000 square feet, had been fixed as Rs60 per square foot per month.
The winning bid was Rs146 per square foot, amounting to Rs1.34 million per month.
Owners of Monal Restaurant at Margalla Top in Islamabad offered the highest bid. The successful bidder will use the facility for free for the first six months. Six parties participated in the bidding. The auction was held at the LDA Community Centre, 239-A, New Muslim Town, Lahore.
12 plots auctioned
The authority also auctioned 11 commercial and one residential plot for Rs104 million on Thursday. The auction of commercial plots of Johar Town, Faisal Town, Sabazazar and the Fruits and Vegetable Market in Allama Iqbal Town attracted 38 bidders. The per marla base price had been set by evaluators of the State Bank of Pakistan. The highest bid was offered for commercial plot no 305/40, block H-III of Johar Town, measuring 250.9 square metres or 12 marlas. It went for Rs35.594 million. Its base price had been fixed as Rs1.9 million per marla. It fetched Rs2.965 million per marla.
Published in The Express Tribune, September 26th, 2014.