LDA launches 3 projects to promote investment

[Salman]

LAHORE
Lahore Development Authority is all set to launch three mega projects in the city aimed at promoting investment and business opportunities in the provincial metropolis. It has decided to execute these multi-billion projects through joint venture under the Management and Transfer of Properties by Development Authorities Ordinance 2014. LDA will soon formally invite expression of interest from well reputed companies, firms or associations to undertake these projects.
LDA wishes to partner in the construction of an iconic high-rise building called LDA Tower on its 11-kanal plot located in the heart of the city (opposite EFU House on Jail Road). The tower is intended to be a high rise mixed-use building, offering panoramic views of the city along with unique amenities such as a revolving restaurant at the top of the building.
LDA also wants to undertake development of luxury apartments on an 8.4-acre lot reserved for the purpose at the Finance and Trade Center, Johar Town. Located in the proximity of a commercial zone, super store, amusement park, these apartments can offer an unparalleled residential experience. A top-class health facility with gymnasium, spa, sauna, swimming pools and indoor and outdoor sports facilities may also be created on this lot to enhance the quality of living.
LDA’s proposal is to establish an amusement park conforming to international standards in close proximity to the high end commercial and residential zone of city. The project entails development of high quality miniature golf course, roller coaster, ferries wheel and other state of the art joy rides. It will provide much needed family recreational facilities in Lahore. The plot size of this project is 9.25 acres.
LDA intends to partner with a private developer in a joint venture arrangement for the development of each project. LDA shall provide land as equity, while the private partner shall be responsible for design, finance, construction, marketing and sale and management of the project. Percentage of profits to be shared with LDA from sale and management of facilities shall be determined through open competitive bidding.
Pre-Qualification (Expressions of Interest) are solicited from interested private parties that have strong financial position and can bring together skills and resources necessary for undertaking these projects. Open competition will be held between pre-qualified competitors using two-stage two-envelope process.