Lahore: The Ravi Urban Development Authority (RUDA) has completed the bidding process pertaining to the award of development rights of riverfront phase-1 (Sapphire Bay) of Ravi Riverfront Urban Development Project – which is worth billions, according to news sources.
As per the officials, a mega consortium of over 10 companies has won the development rights of the project. According to RUDA’s Chief Executive Officer (CEO) Imran Ameen, the official announcement regarding the bidder will be made in couple of days, and the letter of intent (LOI) will also be issued to the contract winner.
The CEO also said that out of eight prequalified companies’ bid submission, only four were passed the technical qualification criteria.
Chief Executive Officer informed that the Ravi project Part-1’s total area is 44,000 acres including 5,000 acres for the river’s land. Out of the remaining 39,000 acres, the government initially plans to develop 2,000 acres of the largest-ever riverfront project in Lahore.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
