Five Commercial Zone Plots Auctioned for Rs21.5bn in Lahore
At an open auction in Johar Town, the Lahore Central Business District Development Authority (LCBDDA) sold five commercial plots for Rs 21.588 billion after receiving the highest bid from four companies, including a Turkish real estate corporation.
The government sold the 18-kanal Prime-1 Plot at auction for Rs 7.623 billion (Rs 424 million per kanal) after receiving the highest bid from Nova City Developers and Bayraktar Insaat. The 11-kanal Prime-2 land was auctioned for Rs 4,202 billion (Rs 382 million per kanal) after ASE-Hasnat placed the highest bid of Rs 4,202 billion. M Abbas Khan purchased a 10-kanal Prime-3 land for Rs 2,840 billion (Rs 284 million per kanal) (highest price bidder).
The 10 kanal Prime-4 and 5 plots were auctioned off for Rs 4.069 billion and Rs 2.845 billion (Rs 313 million and Rs 284.5 million per kanal) after the Pakistan Corporate Consortium submitted the highest bid.
The first phase of Lahore Prime under CBD will generate 250 billion rupees in taxes for the government, while the generation of 1,300 billion rupees in revenues will add to the significance of the project.
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