ISLAMABAD: The federal government on Monday raised Rs156.45 million by disposing of abandoned properties in Islamabad against the reserve price of Rs140.525m.

Prime Minister Imran Khan has entrusted the Privatization Commission to auction federal government’s abandoned properties.

In the first phase of auctions held on Monday, five government-owned properties including two penthouses at Islamabad Country Club, two apartments, one in Centarus Mall and other located at Pakistan Housing Authority apartments were sold.

Auction of land at Pir Sohawa attracted most interest with investors increasing their bid till the final call.

The next phase of auction will begin in Lahore on Sept 9, followed by Gujranwala on Sept 11, Faisalabad Sept 14, Multan Sept 16, Rahimyar Khan on Sept 18, Nawabshah Sept 21 and Abbottabad Sept 25. The open bidding process was conducted by financial advisers and was monitored by the auction committee comprising of senior ministry officials and Minister for Privatisation Mohammedmian Soomro.

Minister for Maritime Affairs Ali Haider Zaidi and Special Assistant to Prime Minister on Overseas Pakistanis and Human Resources Development Zulfiqar Abbas Bukhari were also present at the occasion.

Published in Dawn, September 8th, 2020