LDA seeks investors for Twin Towers project

LAHORE (PR): For executing the multi-billion Twin Towers Project at Jail Road, Gulberg, on Joint Venture basis, Lahore Development Authority (LDA) has formally invited expression of interest from financially sound and well reputed companies by the May 24th, 2017.

The project will be executed on Joint Venture basis under The Management and Transfer of Properties by Development Authorities Act 2014. LDA is looking for making a partnership with a private developer in a joint venture arrangement for this project. It will provide land as equity, while the private partner will be responsible for design, finance, construction, marketing and sale and management of the project. Percentage of profits to be shared with LDA from sale and management of facilities shall be determined through open competitive bidding.

For this purpose, pre-qualification (Expressions of Interest) have been solicited from interested private parties that have strong financial position and could bring together skills and resources necessary for undertaking this project. Open competition will be held between prequalified competitors using two-stage two-envelope process. Prequalification documents can be obtained from the office of Chief Engineer, LDA or from LDA website (www.lda.gop.pk).

The Lahore Twin Towers are intended to be a high rise mixed-use building, offering panoramic view of the city along with unique amenities such as a restaurant at roof top. Construction of this 28 storey High-rise Twin Towers Project at Jail Road, Lahore, is estimated to cost of Rs4.25 billion.

On the direction of Punjab Chief Minister Muhammad Shehbaz Sharif, LDA Director General Zahid Akhter Zaman held meetings with Chinese and Turkish entrepreneur in their respective countries last months for and inviting them for investing in this project.

On the other hand, the management of LDA Plaza, Egerton Road, has decided for renting out vacant roof of the plaza for setting up a rooftop restaurant in the heart of the city. The LDA secretary and other sponsors has invited expression of interest from reputed national and multinational restaurants, eateries, and hotel chains for setting up a rooftop restaurant.

Meanwhile, ppen auction of commercial and residential plots by Lahore Development Authority will be held on April 11, 2017 at LDA Community Centre, New Muslim Town, Lahore. These plots are situated at prime locations of Guberg, Johar Town, Sabzazar, Quaid-e-Azam Town (Town Ship) and Jubille Town. Details about the area, earnest money for participating in the auction and relevant terms and conditions can be obtained from Deputy Director Sales and Allotments, LDA.