LAHORE: Lahore Central Business District Development Authority (LCBDDA) auctioned five commercial plots for Rs21.588 billion at the Lahore Prime Grand Auction.
The open auction event, held at Johar Town, was attended by different firms, including a Turkish real estate company.
The auctioned plots include Prime-1 Plot measuring 18 Kanal for Rs7.623 billion (Rs424 million per Kanal) after receiving the highest offer from a joint venture of Nova City Developers & Bayraktar Insaat. The Prime-2 plot measuring 11 Kanal, auctioned for Rs4.202 billion (Rs382 million per Kanal). Prime-3 plot measuring 10 Kanal was sold at Rs2.840 billion (Rs284 million per Kanal). The Prime-4 and 5 plots measuring 10 Kanal were auctioned at Rs4.069 billion and Rs2.845 billion (Rs313 million and Rs284.5 million per Kanal).
While lauding the initiative by the CBD, Chief Minister Usman Buzdar said: “I am overwhelmed to announce about the successful auction event that LCBDDA aimed to provide to the people with an appropriate ecosystem and infrastructure supporting the livelihood of city dwellers. Undoubtedly, the activities like Lahore Prime contribute to the alleviation of business and economy.”
The plots are set to feature high-rises buildings, with over 40-50 storeys, on the plots in the commercial zone.
Projects like the Grand Auction and Ravi Urban Development Project are set to boost the economy and generate employment for over two million people.
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