CDA raises Rs5.55b on second day of auction

As many as four plots were sold on Thursday during an auction for the new Blue Area commercial district, raising another Rs5.54 billion.

During the second day of the three-day auction at the Jinnah Convention Centre, the Capital Development Authority (CDA) claimed that they had witnessed a highly encouraging response from the large number of investors who participated in the auction.

Officials said that the authority considered bids for four plots worth Rs5.54 billion. This was in addition to the bids of Rs11.7 billion it had received for seven plots on the first day of the auction. The auction committee had considered offers for four plots worth Rs7.25 billion, which was equal to the expected proceeds from the auction per its budget estimates. However, it had considered the remaining sum for three plots as “offer”, hoping to raise further money on them.

Published in The Express Tribune, July 17^th, 2020.