City Reporter
ISLAMABAD: The Capital Development Authority (CDA) has achieved great success with its two-day auction of plots at Capital Street Islamabad, drawing significant attention from investors. The auction resulted in the sale of all plots offered and generated an impressive revenue of PKR 3.82 billion.
Capital Street Islamabad, a visionary project by the CDA, spans a 27-acre site strategically linked to prominent locations such as Shukr Pariyan and Pak-China Friendship Centre. Inspired by world-renowned developments like JBR Dubai, City Walk Dubai, and Nizami Street Baku, the project offered 500 square yard plots, presenting lucrative investment opportunities.
The auction attracted a diverse range of national and international investors, with notable interest from key players in the food chains, restaurant industry, bistros, and related sectors. Many entrepreneurs acquired plots to establish their ventures at Capital Street Islamabad.
On the second day of the auction, eight plots were sold for a total sum of PKR 2.007 billion. Notable prices were achieved for plot numbers 12, 13, 16, 17, and 15, which fetched impressive amounts of PKR 243.5 million, PKR 203.5 million, PKR 206.5 million, PKR 221.5 million, and PKR 252.5 million, respectively. Additionally, plot numbers 18, 19, and 20 were acquired for PKR 226.5 million, PKR 191 million, and PKR 220 million, respectively.
The auction process was overseen by a committee led by CDA Member Finance, and included representatives from the estate, planning and design departments, DFO-II, DG Law, Director Urban Planning, Director Regional Planning, Director Estate Management-II, and Director Finance. The committee ensured the integrity of the process, and all bids received will undergo thorough scrutiny before being presented to the CDA Board for final approval or rejection. The Board holds the authority to accept or reject the bids after careful evaluation.
Capital Street Islamabad is poised to become a prominent hub for cafes, restaurants, and bistros, enriching the city’s social and culinary landscape. The project’s resemblance to renowned developments like JBR Dubai, City Walk Dubai, and Nizami Street Baku is expected to further attract attention and investment.
The successful conclusion of the two-day auction marks a significant milestone in the development of Capital Street Islamabad, setting the stage for a promising future for both investors and the city’s residents.
