March 27, 2007	Tuesday	Rabi-ul-Awwal 7, 1428

ISLAMABAD, March 26: The Privatisation Commission has invited fresh Expressions of Interest (EoIs) from financially sound international organisations with operating experience, and individual/consortium of investors with commitment to build, own and run a five-star hotel on a prime piece of land on Shahrah Quaid-e-Azam, Lahore, presently titled "Services International Hotel (SIH)" with an area of 15 kanals, three marlas and 113 sq. ft (6,346.46 square meters approximately).

According to a handout issued here the interested parties have been asked to send their EoIs along with non-refundable processing fee of $5,000 or equivalent Pak rupees latest by April 27, 2007 giving details about their organisation, along with its registration duly attested from the appropriate/applicable chamber of commerce and industry and copies of audited accounts. Individual/consortium of investors has been asked to provide bank statement for the last three years to demonstrate their net worth.

The successful bidder shall have to construct a five-star hotel, including basements in accordance with the building regulations of Lahore Development Authority. The permissible height of the hotel building shall be 400 feet. The allowable floor area ratio shall be 1:12.

The coverage at ground floor shall be permissible after leaving 50 feet houseline towards the Shahrah Quaid-e-Azam, 13 feet wide space at three sides, including the rear side of the building. Up to 20pc of the total covered area would be commercial with the condition that only 5 per cent of this area would be used for shops while the remaining 15pc would be dedicated for offices.

The successful bidder shall have to construct a five-star hotel within 3 years. He shall submit a bank guarantee equivalent to 15 per cent of the bid price. The PC shall have the legal right to encash the bank guarantee if the successful bidder fails to achieve the agreed construction milestones.