CDA to auction five hotel, seven petrol pump sites

ISLAMABAD, Oct 07 (APP): The Capital Development Authority (CDA) will auction five hotel plots and seven petrol pump sites in the federal capital on Oct 12 and 13, respectively.

The auction of the hotel plots will be held at 10am on Oct 12 at Jinnah Convention Centre, while the petrol pump sites will be offered to registered oil marketing companies (OMCs) on Oct 13 at the same venue.

The five hotel plots are located at D-12 Markaz, F-5/1, E-11 Northern Strip and along Srinagar Highway between the Sports Complex and the Margalla Hotel.

According to the CDA, successful bidders for the hotel plots will be allowed one year for payment. Building plans can be approved after payment of 25 per cent of the bid amount, while possession will be handed over after payment of 75pc, subject to provision of an acceptable bank guarantee from a local scheduled bank for the remaining amount.

A five per cent discount will be offered for full payment within 30 days, while another five per cent discount will be available to those making full payment in US dollars.

Overseas investors will be able to obtain tokens at least one day before the auction, with payments allowed through Roshan Digital Accounts or local banking channels.

The seven petrol pump sites will be auctioned as a single package on a 20-year lease basis. They include two sites near Lake View Park on Murree Road, each measuring 3,555.55 square yards; a 2,500-square-yard site in Blue Area, F-10; a 3,688.88-square-yard site in I-12 Markaz; a 1,200-square-yard site at Plot 15-B, G-8 Markaz; a 2,555.55-square-yard site at Plot 13-A, Move Area, G-8/1; and a 2,000-square-yard site at Plot 26, Move Area, G-11/1.

The CDA has fixed token money of Rs25 million for participation in the petrol pump auction.

The monthly rent will be determined through open bidding and paid in advance to the CDA, with an annual increase of 10pc. The successful OMC will have a maximum of five months to complete construction of the facility.

All expenses related to construction, development works, utilities, statutory approvals, taxes and licensing will be borne by the successful bidder.

The revised auction brochure, containing eligibility criteria and the procedure for financial bidding, is available from the CDA One Window Directorate and designated branches of MCB, HBL, UBL, Askari Bank and Bank of Punjab. It can also be downloaded from the CDA website.

Further information can be obtained from the Directorate of Estate Management-II at 051-9252481 or 0333-5409880.