LAHORE: The first phase of opening of tenders for the construction of 4,000 apartments under LDA City Naya Pakistan Apartments project was completed on Saturday.

"Six contractor companies filed their bids for building 256 apartments under package four of phase-1. Four tenders were opened for the construction of two blocks in each case. A total of 32 apartments will be constructed in every block.

Earlier, two tenders for the construction of 960 apartments were opened on February 10, three tenders for construction of 768 apartments were opened on February 13 and another three tenders for the construction of 384 apartments were opened on February 17," said a Lahore Development Authority (LDA)'s spokesperson.

Amir Riaz Qureshi, Technical Member of the LDA Governing Body, supervised the opening of tenders was while Chief Engineer Abdul Razzaq, Director Finance Muhammad Akhtar and Director Audit Javed Akhtar were also present on the occasion.

The technical bids of these companies have been opened while the financial bids will be opened after the evaluation of the technical bids.

Speaking on the occasion, Qureshi said that LDA Vice Chairman S M Imran was personally overseeing the LDA City New Pakistan Apartments project. "In the first phase, work to build 4,000 apartments will begin this month. The project will be worked on in a transparent manner and all resources will be used to complete it expeditiously," he added.

It may be mentioned that the Punjab Cabinet has already accorded approval of the procedure for allotment of these apartments besides giving a go-ahead for an agreement with the Bank of Punjab for financing the construction.

The price of a 650 square-feet flat will be around Rs 2.7 million, which could be booked on a 10 percent down payment.

Copyright Business Recorder, 2021