ISLAMABAD: The Privatisation Commission on Wednesday said 12 leading real estate developers had prequalified for the purchase of Jinnah Convention Centre.

The commission says the privatization of Jinnah Convention Centre will be a significant example of privatisation process initiated by the government.

The Convention Centre falls in Zone-1 of the Islamabad Capital Territory.

Minister for Privatisation, Mohammadmian Soomro said in a statement that it was encouraging to see the interest of real estate developers in Jinnah Convention Centre.

This interest shows the confidence of investors in the arena of construction, he said.

The Jinnah Convention Centre is located on Srinagar Highway in Islamabad, and is easily accessible from other parts of Islamabad.

It was constructed in 1997, and is under the administrative control of the Capital Development Authority.

The land has already been allotted to the ministry of interior by CDA on a 33 years lease extendable for two subsequent terms of 33 years each.

The Privatisation Commission has obtained approval of the federal cabinet and no objection certificate from CDA.

The key features of the transaction includes that the convention centre property will have a commercial status with a total plot size of 7.59 acres including the built-up structure on 4.13 acres. Flexible land use will be allowed for convention centre, hotel, inhouse retails, office space and apartments.

The prospective buyer will ensure adequate provision of space for holding of conventions and conference while exercising mixed use development options.

The total footprint of the development will be up to 70pc of total plot size while maximum allowable height limit will be 335 feet.

Published in Dawn, September 2nd, 2021