Exciting news emerged from the new Blue Area commercial district on Thursday, where four valuable plots were successfully auctioned for a whopping Rs5.54 billion. This marks a significant step in the ongoing development of the city, attracting keen interest from investors.
On the second day of the three-day auction hosted at the Jinnah Convention Centre, the Capital Development Authority (CDA) reported an incredible turnout of investors eager to participate in the bidding. This enthusiasm reflects the growing confidence in Islamabad’s real estate market.
According to officials, the authority received bids for four plots totaling Rs5.54 billion. This was in addition to the impressive Rs11.7 billion generated from bids on the first day for seven plots. It’s worth noting that the auction committee had earlier considered offers for four plots worth Rs7.25 billion. This value aligns with the budget estimates expected from the auction.
However, the remaining sum for three plots was left as “offers,” indicating the committee’s strategy to maximize proceeds from this high-stakes auction. This thoughtfulness in planning showcases the CDA’s commitment to ensuring optimal returns from the valuable land.
The underlying energy of each auction day raises questions about the future of commercial real estate in Islamabad. Investors seem more optimistic than ever, and this could signal a burgeoning phase for both local and international stakeholders. For those keeping an eye on property investments, now might be the perfect time to explore opportunities in this vibrant sector.
Published in The Express Tribune, July 17th, 2020.
