ISLAMABAD: The Capital Development Authority (CDA) generated Rs13.80687 billion from the sale of four commercial plots on the first day of its three-day open auction in Islamabad.
The auction is being held at the Jinnah Convention Centre and will continue until August 6, offering investors and businesses an opportunity to bid for commercial properties in various locations across the federal capital.
According to the auction results, Plot No. 18 in Blue Area received the highest bid of Rs9.13465 billion, while Plot No. C-1 in Blue Area was sold for Rs3.51332 billion.
Other successful bids included Plot No. 2 in G-1, I-9 Markaz, which fetched Rs529.575 million, and Plot No. 2 in G-6 I&T, Aabpara Market, which was sold for Rs629.32 million.
The four plots collectively generated more than Rs13.8 billion in revenue on the opening day.
The CDA said the auction proceeds would be utilised for infrastructure development, completion of ongoing projects, improvement of civic services and addressing key issues, including Islamabad’s water supply challenges.
The Chairman of the CDA Auction Committee said the authority remained committed to completing development projects across the capital within stipulated timelines.
The three-day auction features commercial properties in several areas, including commercial centres, the E-11 Northern Strip, agro-farms, petrol stations and constructed shops at the Blue Area Parking Plaza.
The CDA is offering a 5% discount on payments made in US dollars, along with an additional 5% discount for bidders who make full payment within 30 days of bid approval.
Successful bidders can apply for approval of building plans after paying 25% of the bid amount, while possession of the plots will be handed over after 75% payment.
The authority said all bids would undergo detailed scrutiny before being forwarded to the CDA Board, which will have the final authority to approve or reject the offers.
