ISLAMABAD: The Capital Development Authority (CDA) has achieved remarkable progress in its prestigious food street project, Capital Street, by conducting a highly successful auction for 18 plots, generating an impressive revenue of Rs. 3.827 billion over a span of two days.
CDA’s Day 1 Auction Results: Substantial Earnings from Nine Plots
The first day’s auction witnessed the sale of nine plots, fetching a substantial sum of Rs. 1.82 billion. Encouraged by this initial success, the auction committee received bids totaling Rs. 2.07 billion for another set of nine plots, each measuring 500 square yards. These plots boast a prime location within the federal capital, making them attractive prospects for potential investors.
CDA’s Plots 12 and 13: Top Attractions with Bids Exceeding Rs. 350 Million Each
Notably, plots numbered 12 and 13 emerged as the most sought-after attractions during the auction, fetching bids exceeding a staggering Rs. 350 million each. Situated adjacent to the Pak-China Centre, near Garden Avenue and 7th Avenue, the proposed Capital Street spans across an expansive 27-acre area. The CDA has assumed full responsibility for providing all necessary facilities and infrastructure to support this ambitious project.
CDA’s Speculations and Positive Views on Auction Results
Real estate experts speculate that given the central location of the plots, the CDA could potentially secure even higher returns if they were to consider re-bidding them. Nevertheless, many view the auction results positively, considering the semi-commercial nature of the plots and the substantial revenue generated.
Ambitious Vision for Capital Street: A Food and Entertainment Hub
The 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 set to take off, promising to introduce an exciting new culinary experience to the capital city.
High Interest from Investors and Stakeholders
The CDA’s dedication and proactive approach to the project have garnered significant interest from investors and stakeholders alike, as the development of Capital Street holds the potential to transform Islamabad’s culinary and entertainment landscape. As the project gains momentum, all eyes are on the CDA’s next steps to realize the ambitious vision for Capital Street as a thriving hub for both locals and visitors alike.
(Islamabad51-Newsdesk)
