Downtown Lahore: LCBDDA generates Rs34.89bn by auctioning 7 commercial plots

LAHORE: Lahore Central Business District Development Authority (LCBDDA), also known as Central business District Punjab (CBD), on Thursday generated Rs 34.89 billion by auctioning seven mixed use commercial plots.

These plots were situated in Pakistan’s first planned downtown “The Downtown Lahore”. The CBD Punjab organised the grand auction ceremony in which international and domestic investors participated. Potential bidders showed keen interest in Lahore Downtown.

Lahore Downtown comprises seven mixed used commercial plots ranging between 12 and 14 kanals, providing very favorable bylaws and five years installment plan for the developers. Downtown has already has its own significance due to its ideal location in the heart of Lahore, Gulberg, Main Boulevard.

Lahore Downtown One was sold to Potohar Developers for Rs 6.5 billion, Downtown Two was sold to Nova Group for Rs 5.1 billion, Downtown three was sold to Onyx Developers for Rs 4.08 billion, Downtown four was sold to Kingdom Valley for Rs 3.6 billion, Downtown 5 was also sold to Kingdom Valley for Rs 4.2 billion, Downtown 6 was sold to Grand Arc Builders for Rs 5.28 billion and Downtown 7 was sold ASC Constructors for Rs 6.14 billion.

The auction committee to judge the grand auction of Lahore Downtown comprises of CEO LCBDDA Iman Amin, COO, LCBDDA Brigadier Mansoor Janjua (retd), Secretary Colonies Jamil Ahmed representing SMBR Government of Punjab from the Board Member LCBDDA Punjab Mrs. Sumair Abid, Ali Kamran Ali Rehman were a part of the auction jury.

ASC Hasnat, Samama Khan Randhawa, Nova Group, Pothar Builders, HN developers, Kingdom Valley, Grand Arc Builders and Jalal Khan Bilal Khan Builders were the renowned builders and developers who participated in the auction. CBD Punjab insured openness and transparency of the whole bidding process.

Talking on this occasion CEO, LCBDDA Imran Amin said: “We have witnessed and overwhelming and far better response then Lahore Prime for Lahore Downtown, which is a bright sign that CBD Punjab is delivering what we have promised. Lahore Downtown will be a sign of inspiration and a class of new beginning in the field of construction and real estate. Favorable bylaws, height 500+ft and FAR of 1:15 are the significance and uniqueness of this project. Team CBD is striving to put every effort for the success of this project and hoped that it will benefit the brighter future of all the stakeholders This is not only a land auction, we are setting up history. Lahore Downtown is a stepping stone for our future generations to witness economical stable welfare state. Lahore Downtown is a pledge of CBD Punjab to work immensely for the betterment of the country. CBD Punjab has become a pivot of attention of world economic giants. Lahore Downtown will change the canvas of Lahore. Soon we will see a better and broader change in the skyline of Lahore. The grand auction has vigorously contributed to the economic growth of Pakistan.

Copyright Business Recorder, 2022