Mega Consortium Gets Rights to Progress Riverfront
In Lahore, the first major riverside development project in the nation, the Ravi Riverfront Urban Development Project, worth billions of dollars, has been granted development rights for phase 1 (Sapphire Bay) by a huge consortium of more than ten businesses led by a well-known group of businesses.
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The project owner and customer, the Ravi Urban Development Authority (RUDA), will reveal the name of the winning bidder in the upcoming days, according to information known to the pertinent authorities.
Up to eight groups or businesses were pre-qualified to submit their technical proposals for the project, according to the RUDA director. Four of the eight, he claimed, were technically qualified, and their bids were requested.
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On the other hand, a Punjab government official informed the relevant officials that the bidding procedure was based on a single stage-three envelope (pre-qualification and technical and financial evaluations).
He said that the first phase of the Ravi project covers over 44,000 acres, including 5,000 acres of river property. The government originally only wants 2,000 acres of the 39,000 remaining acres of the riverside project to be developed.
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