CDA sells six plots amid aggressive bidding

[Salman]

ISLAMABAD, Nov 18: The efforts of CDA finally bore fruit on the first day of the auction of commercial plots as investors actively competed to obtain property in Islamabad.

On the first day of the six-day auction, CDA was able to sell only six plots in more than five hours due to the aggressive bidding by investors.

The highest price was bagged by the civic body for plot number 1-D in F-7 Markaz which was sold for Rs903,000 per square yard. The total size of this plot is 837.77 square yards.

Similarly, a plot (sized 2,666.66 square yards) situated opposite the Centaurus Mall was sold at Rs402,000 per square yard.

A three-storey structure can be raised on the plot for commercial usage while flats can be built over it.

Another plot measuring 4,483.33 square yards for economy flats in G-11/3 was sold at Rs82,000 per square yard, while a 11,750-square-yard plot for a commercial plaza and flats in F-10 Markaz was bought at Rs232,000 per square yard.

In I-8 Markaz, a 1,833-square-yard plot fetched the CDA Rs152,000 per square yard.

Similarly, a small but valuable plot (sized 555.55 square yards) was sold for Rs550,000 per square yard as it is situated in G-5 sector near the Diplomatic Enclave.

After a vigorous bidding process, the plot was sold to an eminent bidder from Khyber Pakhtunkhwa who had settled in the federal capital.

Although the CDA had arranged for a video conferencing with the Federation of Chambers of Commerce (FPCCI) in Karachi and the Lahore Chamber of Commerce (LCCI), only investors from Islamabad made the highest bids to obtain all six plots.

While talking to the media after the first day of the auction, Chairman CDA Nadeem Hassan Asif expressed gratitude to the investors for actively participating in the bidding process.

He said that CDA would provide a helpful environment and level playing field to all investors in the federal capital which would generate economic activity and create more job opportunities.

The auction was supervised by a committee headed by Member Finance Arbab Sher Bahadur in addition to Member Planning and Design Waseem Ahmad Khan, Member Estate Shaista Sohail and others.