A company has shown interest in investing over Rs. 1 billion in the proposed Islamabad IT Park, an initiative spearheaded by the Capital Development Authority (CDA). However, negotiations have hit a stumbling block due to disagreements over rental fees.
The CDA demands Rs. 15 million in rent, while the company is only willing to pay Rs. 10 million. Consequently, the CDA plans to issue another Request for Proposal (RFP) for the IT park.
Initially, three companies expressed interest in the IT park’s business document, but discussions advanced with only one company due to its substantial investment offer. Following the new RFP, the CDA board will review the bids and decide on accepting or rejecting any proposals.
Read more: CDA and PSEB Unveil Ambitious Plans for Islamabad’s Future with IT Park Project
Approved in March 2024, the IT park is set to become Pakistan’s largest, located in Sector G-10 of Islamabad. Developed on a 3.3-acre plot through a public-private partnership, it will cover 0.1 million square feet and provide workspace for 5,000 to 6,000 freelancers. The park will feature areas for freelancers, start-ups, software houses, a library, IT product exhibition spaces, research centers, conference halls, and meeting rooms.
According to the RFP, the IT park will be rented out on an “as is” basis, requiring bidders to bid for the entire 3.3-acre plot. The property, along with all built structures and open spaces, will remain under CDA ownership. The rental period is set for 15 years, with a possible five-year extension upon mutual consent and CDA approval.
This initiative is part of a broader effort by the CDA to boost Islamabad’s IT infrastructure and create a conducive environment for technological growth and innovation.
