The Capital Development Authority (CDA) has recently unveiled its ambitious plans to conduct yet another auction of commercial plots in Islamabad, including a highly sought-after four-acre parcel designated for a luxurious five-star hotel. This decision follows the remarkable success of the previous auction held in October, which generated a staggering PKR 12.9 billion in revenue.
CDA to Auction Prime Hotel Plot – Preparations
CDA Chairman Anwarul Haq presided over a crucial meeting where the decision was made, and he directed the estate wing to prepare an exhaustive inventory of commercial plots for the upcoming auction. Remarkably, out of the 50 commercial plots available for auction, only 25 have been selected to go under the hammer.
The focal point of this upcoming auction is a strategically located plot situated near the renowned Marriot Hotel, a landmark destination in Islamabad. This prime location adds significant value to the plot and makes it an enticing investment opportunity, particularly for potential five-star hotel developers.
However, before the CDA can proceed with the auction, it requires approval from the federal government. Once the green signal is received from the government, the CDA is prepared to organize the auction, scheduled to take place in December.
Read more: CDA Plans to Hold New Auction Next Month
The success of the previous auction has encouraged the CDA to capitalize on the growing demand for commercial properties in the city. Investors and developers are expected to show keen interest in this auction, given the favorable real estate market conditions in Islamabad.
The revenue generated from such auctions plays a pivotal role in the CDA’s ongoing development projects and the maintenance of the city’s infrastructure. With the prospect of another highly successful auction on the horizon, the CDA is set to make a significant contribution to the city’s progress and economic growth.