Islamabad: The renowned real estate developer Faisal Town Pvt Ltd won the Services International Hotel in Lahore in a bidding procedure held by the Privatisation Commission on Thursday (August 26), news sources reported. The said hotel was sold for PKR 1.951 billion, which was more than the base bid price of PKR 1.949 billion as set by the privatisation commission, operating under the chairmanship of the Federal Privatisation Minister Mohammadmian Soomro.
The 15- kanal Services International Hotel, located on Upper Mall, is presently a non-functional government asset. The Lahore Development Authority has already cleared the premium site as commercial property, making it available for all sorts of commercial development. According to the reports, two bidders participated in the auction, and Faisal Town Pvt Ltd won with an offer that was PKR 2 million higher than the base price. As agreed by the bidder and the privatisation commission, the buyers will have to submit 30% of the total price within 20 days of getting the confirmation letter and the remaining 70% within 60 days of issuance of the letter.
Speaking on the occasion, the minister stated that the bidding was successful and that the government is planning similar privatisations of non-profitable government entities such as Pakistan Steel Mills, Mari Petroleum, the Jinnah Convention Centre in Islamabad, SME Bank, First Women Bank, PPL, Guddu Power Plant, Heavy Electrical Complex, and other power plants. To this effect, investors’ expressions of interest in Pakistan Steel Mills would be invited soon.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
