Over 100 Chinese firms interested in construction of Lahore’s tallest building

Lahore (PR):  More than 100 Chinese companies obtained prequalification documents for expressing interest in the construction of the tallest building of provincial metropolis under the public-private partnership mode, during an investment Road Show in Pakistan Embassy in Beijing, China.

Spreading over an area of 22 kanals, construction of this 28-story Twin Tower at Jail Road, Lahore, will cost Rs4.25 billion, which will be the biggest commercial hub in the city. It will house offices, showrooms, shops and brand outlets besides a food street.

The Road Show was organised on the directives of Chief Minister Punjab Muhammad Shahbaz Sharif for inviting foreign financiers to invest in projects in Pakistan. Pakistan’s Ambassador to China Masood Khalid Khalid, Director General Lahore Development Authority Zahid Akhter Zaman and Chief Engineer Asrar Saeed briefed representatives of more than 150 Chinese companies about this project.

Director General LDA Zahid Zaman told the businessmen about the background, objectives and technical details of the project. He said that the chief minister had directed the LDA to build a modern tower equipped with modern facilities for the people.

About the project, he said that the proposed tower would house offices, departmental stores, food outlets and cinema and would be built in the centre of Lahore.

He told that LDA had been empowered to grant all the approvals regarding plans, development and construction.

“We have invited private sector, developers and international partners to come forward and help us with their capital, experience, expertise in real estate development,” he added.

He also held separate meetings with the heads of these companies and handed them printed material about investment opportunities in Pakistan.

Representatives of Pakistani banks were also present to give financial advice to the Chinese companies.

Earlier, Pakistan’s Ambassador to China, Masood Khalid briefed the Chinese firms about the attractive investment climate in Pakistan and invited them to tap investment opportunities offered by the real estate sector.

Welcoming the representatives of a large number of Chinese companies, who attended a road show offering investment opportunities in a ‘Twin Tower’ project in Lahore organised by Lahore Development Authority (LDA) and Commercial Section of the Embassy of Pakistan, he said, “Pakistan government is making earnest efforts to bring about prosperity and development in the country.”

He added that the government was providing unprecedented and equal opportunities to the local and foreign investors and asked them to come forward and take advantage of pro-investment and pro-business policies. The ambassador informed that legal system in Pakistan fully protected foreign investment, particularly the Chinese investment.

He said both Pakistan and China enjoyed excellent and mutually beneficial relations, which were growing day by day.

“We are also partners in the development and implementation of the common objective of the One Belt One Road Initiative, initiated by Chinese President Xi Jinping,” he added.

He further said that China-Pakistan Economic Corridor (CPEC) was the flagship project of the One Belt One Road Initiative, which would bring about development and prosperity for not only both the friendly countries but also for the region as a whole.

Khalid said different projects of energy, infrastructure development, roads network and bridges had been launched under the CPEC and Chinese companies were actively taking part in their implementation.

He said that there was political and economic stability in Pakistan and all major credit institutions had expressed satisfaction over economic growth.

He shared with the audience that 19,000 Chinese workers were working in Pakistan, whereas a special security force had been raised for their safety and security.

The ambassador said the number of Chinese businessmen visiting Pakistan had increased last year, which showed their confidence in Pakistan and its economy. “To further facilitate Chinese businessmen wishing to visit Pakistan, we have increased the number of flights and now they could reach Pakistan in less than six hours time,” he added. *****

Photo Caption…Model of the proposed 28 storey Twin Tower to be construction on Jail Road at a cost of Rs. 4.25 billion.

Ex-owners of land, acquired for elevated expressway, to get compensation from today

Lahore (pr): One Window Camp for the disbursement of compensation to the ex-owners of land, acquired for Elevated Expressway, will start operations from today (Monday) at Shadman Chowk, Lahore.

The camp will remain functional from Monday to Thursday from 9:00 am to 1:00 pm.

Ex-land owners have been asked to submit their applications, addressed to the Land Acquisition Collector, along with copies of their CNIC, copies of CNIC of two witnesses, Indemnity Bond (on a stamp paper worth Rs.100), Affidavit (on a stamp paper Rs 50), Fard for receiving of compensation attested by Revenue Officer, attested copies of sale deed, attested copies of mutation of land, all utility bills and receipts of property tax.

Open auction of LDA’s commercial plots tomorrow

Lahore (PR): An open auction of commercial plots by Lahore Development Authority will be held tomorrow (Tuesday) at 10.00 am at LDA Community Centre, New Muslim Town, Lahore. These plots are situated at prime locations of Johar Town, Sabzazar, Jubilee Town, Mohlanwal, Gujjarpura and Packages Quarters Walton.  Details about the area and earnest money for participating in the auction can be obtained from Deputy Director Sales and Allotments, LDA.