LCBDDA auction off 5 plots, bags 21 bn in revenue

Lahore: The Lahore Central Business District Development Authority (LCBDDA) on Tuesday (September 7) auctioned off 5 plots during a bidding process held in Johar Town, news sources reported. The authority received a total of PKR 21.5 billion from the auction of plots.

As per the details shared, the highest bid of PKR 7.623 billion was floated for an 18 kanal plot. A total of four companies participated in the auction including a Turkish real rate agency. Punjab Chief Minister (CM) Usman Buzdar expressed his delight at the successful proceedings and stated that it is a step in the right direction.

The said project is named “Lahore Prime” and includes commercial plots located on Walton Airport’s site, which is leased for 99-years with the aim of developing a modern urban centre amid Lahore. A detail of the auctioned off plot is mentioned here:

The authorities auctioned Prime-1 plot (18-kanal) for PKR 7.623 billion after obtaining the highest offer from a joint venture of Nova City Developers and Bayraktar Insaat. The Prime-2 plot (11-kanal) was auctioned for PKR 4.202 billion after ASE-Hasnat offered the highest price. M Abbas Khan offered PKR 2.840 billion for a Prime-3 plot (10-kanal). The remaining two plots – Prime-4 and Prime-5, measuring 10 kanal each – were auctioned for PKR 4.069 billion and PKR 2.845 billion respectively, after the Pakistan Corporate Consortium bid the highest amount.

Reportedly, the per kanal reserve/base auction price for Prime-1, 2, 3, 4 and 5 plots was fixed at the following rates; PKR 160 million, PKR 160 million, PKR 140 million, PKR 160 million and PKR 140 million respectively.

The said 5 plots are situated at a prime location of Kalma Chowk, Ferozpur Road and Gulberg Main Boulevard. The auction was initially scheduled for August 4, 2021, but it was postponed because of the escalating pandemic situation and investors’ concerns over the lease duration. However, in order to facilitate bidding and make the project more appealing to investors, the government extended the lease of the plots from 30 to 99 years.