Capital Street Islamabad project: CDA generates Rs3.82bn by selling 18 plots

ISLAMABAD: The Capital Development Authority (CDA) was able to generate Rs3.82 billion by selling 18 plots under the Capital Street Islamabad project.

Two-day auction of Capital Street Islamabad plots organised by CDA concluded on Friday.

The Capital Street Islamabad project received a healthy and welcoming response from investors.

During the two-day auction, 18 plots were sold for 3.82 billion rupees.

According to the details, the CDA is going to establish Capital Street Islamabad on the pattern of JBR Dubai, City Walk Dubai, and Nizami Street Baku on 27 acres near Shakarparian adjacent to Pak-China Friendship Center, for which, 500 square yard plots were offered through auction by the CDA.

Plots in Capital Street Islamabad will be designated for cafes, restaurants, bistros, and eateries, etc. It is pertinent to mention that during the two-day auction, investors particularly from national and international food chains, restaurants, bistros and people related to the food and beverage industry directly participated in the bidding process and got plots of their choices.

On the second day of the auction, eight plots of Capital Street Islamabad were auctioned for 2.007 billion rupees. On the second day of the auction, Plot No12 of Capital Street Islamabad was auctioned for Rs24.35 crore, Plot No 13 was auctioned for Rs20.35 crore, Plot No16 was auctioned for Rs20.65 crore, Plot No 17 was auctioned for Rs22.15 crore, Plot No15 was auctioned for Rs25.25 crore.

Similarly, Plot No18 of Capital Street Islamabad was auctioned for Rs22.65 crore, Plot No19 was auctioned for Rs19.10 crore and Plot No 20 was auctioned for Rs22 crore.

Collectively, during the two-day auction of Capital Street Islamabad plots, 18 plots were sold for Rs3.82 billion.

It is pertinent to mention here that Capital Street Islamabad is being built on the models of JBR Dubai, City Walk Dubai and Nizami Street Baku. Capital Street Islamabad will cover 27 acres, 500 square yard plots are offered for auction. Plots in Capital Street Islamabad are reserved for cafes, restaurants, bistros and eateries etc.

The auction was monitored by the auction committee constituted under the chairmanship of CDA Member Finance.

Other members of the committee include Member State, Member Planning and Design, DFA-II, DG Law, Director Urban Planning, Director Regional Planning, Director State Management-II and Director Finance.

Bids received after thorough scrutiny will be placed before the CDA Board, which is the competent forum to accept or reject the bids.

Copyright Business Recorder, 2023