Islamabad, OCT 3: CDA Auction Sees Strong Investor Interest on Day 2, Generating Over PKR 12 Billion in Property Deals. The Capital Development Authority (CDA) auctioned off six commercial plots on Wednesday, bringing in about PKR 12.45 billion on the second day of the ongoing auction event.
The event took place at the Gandhara Citizen Centre, F-9 Park, Islamabad, as mentioned in the specifications. Starting on October 1 and running through October 3, the auction is scheduled to take place. Notably, on the second day, a Garden Avenue site that was supposed to be a hotel sold for PKR 1.48 billion.
In important parts of Islamabad, there are additional commercial plots up for auction that are planned for shopping malls, hotels, and apartments. The sale is overseen by a committee led by Capital Development Authority Member Finance Tahir Naeem and Estate Management-II Director Tabinda Tariq
A two-year payment plan, plot ownership following 75% payment, and a 15% discount for full or USD payments are just a few of the incentives available to investors. Before the CDA Board grants final approval, all proposals will be examined.
Plots are auctioned off with the reserve price determined by the highest bid made in the previous round. The reserve price was established with the state of the market in mind. Everyone is aware that the market isn’t doing as well as it used to. In 2005 and 2006, it was detected at an elevated level.
In the previous auction, the first property, 56-D, brought in a price of Rs 1.2 billion, or Rs 262,000 per square yard. This time, the plot is being auctioned off for Rs 1.33 billion, with the highest bid of Rs 273,000 per square yard.
