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ISLAMABAD: The government has approved reserve price of Rs 2.250 billion for the land and building of Services International Hotel (SIH), Lahore, sources close to Minister for Privatisation told Business Recorder.

Sharing the details, sources said Financial Advisers (FA) conducted the legal due diligence and best use study of Services International Hotel. Transaction structure was approved by CCoP in August, 2020. Thereafter, six interested parties were pre-qualified in December 2020.

The FA presented the valuation of the SIH property as follows: (i) Hamid Mukhtar & Company presented the market value of land at Rs 2,776,250,000 at a price of Rs 150,000,000 per Kanal whereas the proposed value of residual land was 2,362,000,000 on the basis of Rs 150,000,000 per Kanal.

The Excel Services & Engineering (Pvt) Ltd also calculated the market value of land at Rs 2,276,250,000 on the basis of Rs 150,000,000 per Kanal; however, the value of residual land was calculated at Rs 2,220,472,126 on the basis of Rs 146,000,000 per Kanal.

Arch-e-Decon calculated the value of land at Rs 2,198,780,000 on the basis of Rs 145,000,000 per Kanal, while the value of residual land was calculated at Rs 2,382,923,474 on the basis of Rs 157,000,000 per Kanal.

Financial advisors (Colliers & Elixir) presented total value of Rs 2,108,000,000 on the basis of Rs 139,000,000 per Kanal; however, the price of residual land was calculated at Rs 2,097,013,763 on the basis of Rs 138,200,000 per Kanal.

The average value of land was Rs 2,214,820,000 on the basis of Rs 146,000,000 per Kanal whereas the residual value of land was calculated at Rs 2,265,602,341 on the basis of Rs 147,800,000 per Kanal.

Hamid Mukhtar & Company presented total value of land and building at Rs 2,311,272,000, Excel Services & Engineering (Pvt) Ltd at Rs 2,326,300,000, Arch-e-Decon, Rs 2,246,705,000 and financial advisors (Colliers & Elixir) valued land and building at Rs 2,145,540,000. The average value of land and building has been calculated at Rs 2,257.454,250.

The sources said, after detailed deliberations, the Board of Privatisation Commission (PC) unanimously recommended the reserve price of Rs 2,250,000,000/- (Rs 2.250 billion), i.e., Rs148,319,050 per Kanal, for the Sale of Services International Hotel, Lahore (SIH) excluding the inventory items.

According to sources, the Cabinet Committee on Privatisation has also approved the same price recommended by the PC Board.

Copyright Business Recorder, 2021

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