Lahore: At an open auction in Johar Town on Tuesday, the Lahore Central Business District Development Authority (LCBDDA) got the highest offer price of Rs. 21.588 billion from four companies, one of which was a Turkish real estate business.

The winning bidders plan to build high-rises on these sites in the authority’s planned commercial zone. According to the LCBDDA, the structures’ heights range from 40 to 50 stories.

Read More: LCBDDA to auction five commercial plots in Gulberg, Ferozepur Road, Lahore

“Punjab’s total revenue target for fiscal year 2021-22 is Rs70 billion. But with the massive efforts of the authority under guidelines of the chief minister, we have been able to fetch Rs. 21.5 billion in one go by auctioning five plots located near Kalma Chowk (facing Gulberg main boulevard and Ferozepur Road),” LCBDDA’s Chief Executive Officer Imran Ameen stated after the open auction.

After receiving the highest bid from a joint venture of Nova City Developers and Bayraktar Insaat, the authorities auctioned Prime-1 Plot of 18 kanal for Rs7.623 billion (Rs. 424 million per kanal).

Read More: LCBDA holds pre-bid session for “Lahore Prime” project

After a business (ASE-Hasnat) proposed the highest price, the Prime-2 plot of 11 kanal was auctioned for Rs4.202 billion (Rs382 million per kanal). M Abbas Khan purchased a Prime-3 plot comprising 10 kanal for Rs2.840 billion (Rs284 million per kanal) (highest price bidder).

After the Pakistan Corporate Consortium submitted the highest bid, the Prime-4 and 5 plots of 10 kanal each were auctioned for Rs. 4.069 billion and Rs. 2.845 billion (Rs. 313 million and Rs. 284.5 million per kanal) respectively.

The per kanal reserve / base auction price for Prime-1, 2, 3, 4 and 5 plots had been fixed as Rs. 160 million, Rs. 160 million, Rs. 140 million, Rs1. 60 million and Rs. 140 million respectively.

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