LAHORE: At the time when the country is passing through political uncertainty, the Lahore Central Business District Development Authority (LCBDDA), in an open auction, sold seven commercial plots of mixed-use in Gulberg’s downtown on a record cumulative price of Rs34.9 billion.

“We have witnessed an overwhelming and far better response than Lahore Prime for Lahore Downtown, which reflects that we (the authority) is delivering what we have promised. Lahore Downtown will be a sign of inspiration and a class of new beginning in the field of construction and real estate,” said LCBDDA Chief Executive Officer Imran Amin.

According to the authority, the plots (measuring 12 to 14 kanals) namely Lahore Downtown-One was sold to Pothar Developers for Rs6.5 billion, followed by Downtown-Two was sold to Nova Group for Rs5.1 billion, Downtown-three to Onyx Developers for Rs4.08 billion, Downtown-four to Kingdom Valley for Rs3.6 billion, Downtown-five to Kingdom Valley for Rs4.2 billion, Downtown-6 to Grand Arc Builders for Rs5.28 billion and Downtown 7 was sold to the ASC Constructors for 6.14 billion.

“We have introduced favourable bylaws related to height (500+ft and FAR-Floor area ratio of 1:15) are the significance and uniqueness of this project, as our team is striving to put every effort for the success of this project,” Mr Amin said hoping that it will benefit the brighter future of all the stakeholders.

“The Lahore Downtown is a stepping stone for our future generations to witness an economical stable welfare state. It’s a pledge of CBD Punjab to work immensely for the betterment of the country,” he added.

The LCBDDA earlier in September auctioned its five commercial plots for Rs21.588 billion after it received the highest bid price from four groups including a Turkish real estate company. The successful bidders of the previous and Thursday’s auction intend to build high-rises on these plots in the commercial zones.

The plots auctioned in September included Prime-1 measuring 18 kanals for Rs7.623 billion (Rs424 million per kanal), Prime-2 plot measuring 11 kanals for Rs4.202 billion, Prime-3 measuring 10 kanals for Rs2.840 billion, Prime-4 and 5 measuring 10 kanals each for Rs4.069 billion and Rs2.845 billion.

Published in Dawn, March 11th, 2022