Islamabad: According to news reports, Faisal Town Pvt Ltd, a famous real estate developer, won the Services International Hotel in Lahore in a bidding procedure held by the Privatisation Commission on Thursday (August 26). The hotel was sold for PKR 1.951 billion, which was more than the privatisation commission’s base offer price of PKR 1.949 billion, which was established by the Federal Privatisation Minister Mohammadmian Soomro.
The 15-kanal Services International Hotel on Upper Mall is now a government asset that is not in use. The premium site has already been certified as commercial property by the Lahore Construction Authority, making it suitable for all types of commercial development. According to sources, the auction had two bidders, with Faisal Town Pvt Ltd winning with a bid that was PKR 2 million more than the base price.
The purchasers must pay 30% of the entire price within 20 days of receiving the confirmation letter, and the remaining 70% within 60 days of receiving the letter, as agreed by the bidder and the privatisation commission.
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The minister stated that the bidding was successful, and that the government is planning similar privatisations of non-profitable government entities such as Pakistan Steel Mills, Mari Petroleum, Islamabad’s Jinnah Convention Centre, SME Bank, First Women Bank, PPL, Guddu Power Plant, Heavy Electrical Complex, and other power plants. To this end, investors would be asked to submit expressions of interest in Pakistan Steel Mills in the near future.