CDA Rises PKR 20 Billion on First Day of Auction
According to a news report, the Capital Development Authority (CDA) earned PKR 20.35 billion through the auction of thirteen properties in various regions of Islamabad.
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The two-day event drew an overwhelmingly positive response from investors, with the authority achieving its fundraising goal on the first day by auctioning off 13 of the 29 available plots.
The authority was able to sell four commercial plots in I-8, two plots in G-10 Markaz, one plot in F-11 Markaz, two plots in I-12 Markaz, and four plots in Blue Area on the first day of the auction. The winning bid for a property located in I-8 was PKR 6.5 billion.
According to Amer Ali Ahmed, chairman of the CDA, the earnings from the sale of these commercial plots will be used for public welfare programs, specifically the development of Sector I-12.
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A large portion of the proceeds from the aforementioned sales are anticipated to be used to fund the sector’s expansion, enabling for the construction of new dwelling units in the area.
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