ISLAMABAD: The city managers on Thursday decided to involve Pakistan’s missions abroad and embassies to attract investors for the auction of plots for two five-star hotels next month.

A meeting, which was chaired by CDA Chief Muhammad Ali Randhawa, decided to approach the federal government to engage Pakistani missions and embassies to attract investors to make the auction of two five-star hotel plots successful. The auction is slated to be held on December 17. The said plots are located in Sector F-5 – one is near the Pakistan National Arts Council (PNCA) and the other is near the Marriot Hotel.

According to a CDA document, both pieces of land hold significant promise for the development of upscale hospitality offerings since they are located next to headquarters and offices of government entities.

The CDA chairman directed to “adopt a comprehensive strategy for engaging the overseas Pakistani, including the active involvement of Pakistan’s embassies and missions abroad, to spread awareness about the auction process and investment opportunities in Islamabad,” said a statement issued by CDA after the meeting.

Meeting mulls auction of 200 one-kanal residential plots in C-14 sector

Besides the five-star hotel plots, the meeting also discussed the auction of over 200 residential plots of one kanal each in Sector C-14. The date of the auction of residential plots is yet to be announced by the civic agency; however, insiders say that this auction is likely in January.

“The meeting decided to attract foreign investors for hotel plots and overseas Pakistanis for residential plots. For this purpose, we, through the federal government, will engage our embassies and foreign missions,” said a participant.

Meanwhile, the press release said that the CDA chairman was also briefed on the terms and conditions for both the hotel plots and the upcoming balloting for residential plots in Sector C-14.

It was highlighted that the CDA board recently approved flexible and investor-friendly terms and conditions aimed at facilitating maximum participation.

The recent initiatives introduced by the CDA included easy payment plans: investors can pay in two years instead of a one-year timeframe; flexible terms and conditions; and various incentives to encourage local and overseas Pakistanis.

According to the CDA, the successful bidders for the hotel plots, after paying 75pc payment can get possession of the plot, while they can get the building plan approved after paying 25pc amount.

The press release said that the chairman expressed support for these initiatives [new relaxed bylaws], describing them as part of a strategic vision to attract substantial investments in Islamabad.

The press release said that the meeting while discussing the launch of residential plots in Sector C-14, which is located in the foothills of the Margalla Hills, decided preference would be given to overseas Pakistanis investing in foreign currencies (USD). According to the CDA, this sector is designed to offer a premium, peaceful lifestyle and will cater to overseas Pakistanis as well as locals.

Published in Dawn, November 29th, 2024