The Capital Development Authority (CDA) has canceled the scheduled auction of seven petrol pump sites in Islamabad after failing to sell five hotel plots on Monday.
The petrol pump auction was scheduled for Tuesday and was open only to registered oil marketing companies (OMCs). All seven sites were to be offered as a single package on a 20-year lease.
The locations included Murree Road near Lake View Park, Blue Area, F-10, I-12 Markaz, G-8 Markaz, G-8/1, and G-11/1.
The cancellation followed a poor response to the CDA’s auction of five hotel plots, which attracted only five registered participants. According to reports, just one plot received a bid, which exceeded the reserve price by only Rs. 5,000.
The CDA rejected the offer due to a lack of competition, leaving all five hotel plots unsold.
Investors raised concerns over the reserve prices, saying rates exceeding Rs. 1.9 million per square yard were too high. They argued that the plots should be priced at no more than Rs. 1.3 million per square yard.
The hotel plots included sites in D-12 Markaz, F-5/1, the Northern Strip of E-11, and along Srinagar Highway between the Sports Complex and Margalla Hotel.
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