The Capital Development Authority (CDA) has made remarkable strides in its food street project in Islamabad by successfully conducting an auction for 18 plots on Capital Street, generating Rs. 3.827 billion over a span of two days.
During the first day’s auction, nine plots were sold, fetching a substantial sum of Rs. 1.82 billion. Following this success, the auction committee received bids totaling Rs. 2.07 billion for another nine plots, each measuring 500 square yards. These plots enjoy a prime location within the federal capital.
Among the auctioned plots, numbers 12 and 13 emerged as the top attractions, fetching bids exceeding Rs. 350 million each. The proposed Capital Street encompasses a vast area of 27 acres adjacent to the Pak-China Centre, near Garden Avenue and 7th Avenue. The CDA has taken the responsibility of providing all necessary facilities for this ambitious project.
Real estate experts speculate that due to its central location, CDA could potentially earn even more if they were to consider re-bidding the plots. Nevertheless, others view the auction results positively, taking into account the semi-commercial nature of the plots.
The ultimate vision for Capital Street is to establish a prominent food and entertainment hub in the heart of the metropolitan area, drawing inspiration from internationally acclaimed developments like JBR Dubai, City Walk Dubai, and Nizami Street Baku. With the successful conclusion of this auction, the project is now all set to take off, promising to introduce an exciting new culinary experience to the capital city.
Source: Pro Pakistani