ISLAMABAD: The Ministry of Privatization on Monday succeeded in auctioning Rs156.45 million worth of properties in the federal capital.
The ministry raised Rs156.45 million for the national exchequer against the reserve price of Rs140.525 million in a bidding held here at a local hotel.
An inaugural session for the auction of the federal government properties was held where Federal Minister for Maritime Affairs Ali Haider Zaidi was the chief guest.
Federal Minister for Privatization Mohammedmian Soomro and SAPM Zulfiqar Abbas Bukhari also attended the inaugural session.
Soomro said, "We are privatizing 17 other entities simultaneously, and the transparency is our prime focus as directed by PM Imran Khan."
He urged people to come forward and show interest and participate in the bidding, as the benefit ultimately goes to the country.
The money will be used for debt retirement and poverty alleviation.
The Minister for Privatization said that the work rendered by the Inter-Ministerial Committee was impeccable and must be appreciated, and "I once again reiterate that come forward and show interest because without the cooperation of the people of Pakistan this cannot be materialized".
The first property was a 1,380-square-foot flat located at the PHA Foundation at G-7 at a price of Rs15.2 million.
The second was a 4,275-square-foot plot located near Pir Sohawa that sold for Rs19.2 million. Two plots within the Islamabad Country Club were sold for Rs30.5 million each.
A 2,642-square-foot apartment located in Centaurus Residency with a reserve price of Rs60 million was also auctioned. Soomro speaking at the auction ceremony for 26 government properties said the process would help reduce government debts as well as expenses as the properties of 19 government institutions were being privatized after four years.
A total reserve price of Rs6.2 billion has been decided for all the selected government properties combined, which will be sold across the country.
SAPM on oversees Pakistanis and HRD Zulfi Bukhari said that it was a great step of the government to auction the dead properties, which were rather straining the state resources.
Moreover, it was a great opportunity especially when the prime minister had announced the construction sector package, and due to that there had been a great development in the real estate sector. Federal Minister for Maritime Affairs Ali Haider Zaidi said, "Today, we achieved a milestone and upon which we shall build a positive image and working for future privatization, the government wishes to sell these properties in a most transparent manner.
In the first step of this auction, five government-owned properties located in Islamabad were auctioned including two penthouses at the Islamabad Country Club and two apartments, one in the Centarus Mall at F-8/4 and the other located at the PHA apartments in G-7/2.
Copyright Business Recorder, 2020