CDA Cancels Auction for Petrol Pump Sites After Poor Response to Hotel Plots Sale
Notably, the Capital Development Authority (CDA) has canceled the scheduled auction of seven petrol pump sites in Islamabad after failing to sell five hotel plots on Monday.
Notably, the Capital Development Authority (CDA) has canceled the scheduled auction of seven petrol pump sites in Islamabad after failing to sell five hotel plots on Monday.
Article outline
- What happened
- Why it matters
- The key numbers
- The bottom line
Key points
- The locations included Murree Road near Lake View Park, Blue Area, F-10, I-12 Markaz, G-8 Markaz, G-8/1, and G-11/1.
- The hotel plots included sites in D-12 Markaz, F-5/1, the Northern Strip of E-11, and along Srinagar Highway between the Sports Complex and Margalla Hotel.
- The petrol pump auction was scheduled for Tuesday and was open only to registered oil marketing firms (OMCs).
- The cancellation followed a poor response to the CDA's auction of five hotel plots.
- The CDA rejected the offer due to a lack of competition, leaving all five hotel plots unsold.
In practice, the petrol pump auction was scheduled for Tuesday and was open only to registered oil marketing firms (OMCs). All seven sites were to be offered as a single package on a 20-year lease. NAB Recovers Rs. 21.85 Billion Worth of Railways Land.
Notably, the locations included Murree Road near Lake View Park, Blue Area, F-10, I-12 Markaz, G-8 Markaz, G-8/1, and G-11/1.
Meanwhile, the cancellation followed a poor response to the CDA's auction of five hotel plots. It attracted only five registered participants. As reports indicate, just one plot received a bid. It exceeded the reserve cost by only Rs. 5, 000.
In practice, the CDA rejected the offer due to a lack of competition, leaving all five hotel plots unsold. Pirwadhai Bus Stand Declared Security Risk.
Investors triggered concern over the reserve rates, saying rates exceeding Rs. 1.9 million per square yard were too high. They argued that the plots should be priced at no more than Rs. 1.3 million per square yard.
Meanwhile, the hotel plots included sites in D-12 Markaz, F-5/1, the Northern Strip of E-11, and along Srinagar Highway between the Sports Complex and Margalla Hotel. Stay Connected with ProPakistani. Obtain the latest news and stories wherever you prefer. Follow on Google Discover. Follow on Google News Join WhatsApp. See more ProPakistani stories in Google Search and Top Stories.
Taken together, the developments around CDA Cancels Auction for Petrol Pump Sites After Poor Response to Hotel point to a situation that is still moving, and the coming days should bring more clarity.
