The Capital Development Authority (CDA) will auction seven petrol pump sites and five hotel plots in Islamabad next week as it looks to attract investment in the capital.
CDA has fixed token money of Rs. 250 million for participation. The monthly rent will be determined through open bidding and paid in advance, with a 10 percent annual increase.
The auction of five hotel plots will be held on October 12 at 10 AM at Jinnah Convention Centre, Islamabad. The seven petrol pump sites will be auctioned the following day, October 13.
The hotel plots include Plot No. 22 at D-12 Markaz, Convention Centre Hotel Plot No. 6 and Five-Star Hotel Plot No. 8 in F-5/1, a hotel plot in the Northern Strip of E-11, and another hotel plot on Srinagar Highway between the Sports Complex and Margalla Hotel.
CDA will offer successful bidders a one-year payment facility for the hotel plots. Building plans can be approved after payment of 25 percent of the bid amount, while possession will be given after payment of 75 percent.
A five percent discount will be available to buyers who make full payment within 30 days. Another five percent discount will be offered on complete payment in US dollars.
Overseas investors can obtain auction tokens at least one day before the auction and make payments through Roshan Digital Accounts or local banking channels.
The seven petrol pump sites will be auctioned as a single package on a 20-year lease basis. The auction will be open only to registered Oil Marketing Companies (OMCs).
The sites include locations near Lake View Park on Murree Road, Blue Area F-10, I-12 Markaz, G-8 Markaz, Move Area G-8/1 and Move Area G-11/1.
The successful OMC will have a maximum of five months to complete construction and development of the petrol pump sites. The bidder will bear all construction, development, utility, approval, tax and licensing costs.
The revised auction brochure is available from CDA One Window Directorate and designated branches of MCB, HBL, UBL, Askari Bank and Bank of Punjab. It can also be downloaded from the CDA website.
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