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ISLAMABAD | Progress News & Updates

2M views 6K replies 334 participants last post by  Dr Arabia 
#1 ·
Location: Plot # 5, F-11/1, Islamabad.
Type: Luxury apartments
Covered Area; 2.5 Acres - 12,100sq. yrd.
No. of Apartments; 120 units
Status: Under construction
Availabilty: 2 & 3 bedrooms
Completion Date: June 2006


Metac Gen. Con. Co. (LLC) is a leading class - 1 contracting company based in Abu Dhabi (U.A.E), which has developed a number of prestigious projects in U.A.E.


http://www.abudhabitowers.com/
 
#2,882 ·
why do u think Islamabad needs more 5 star? from a looks perspective yes it will look good..but i hear marriott has like 40 percent room occupancy and maybe serena has slightly more due to embassys bookings for diplomats...

but i think Islamabad and all of the pakistan cities need some'INNS" or 2 star express hotels like they have in USA..rooms cost about 50$
 
#2,884 ·
malpensa said:
why do u think Islamabad needs more 5 star? from a looks perspective yes it will look good..but i hear marriott has like 40 percent room occupancy and maybe serena has slightly more due to embassys bookings for diplomats...

but i think Islamabad and all of the pakistan cities need some'INNS" or 2 star express hotels like they have in USA..rooms cost about 50$
You're right. Pakistan needs 2-3 star hotels in the Rs. 5,000/day or under range. That would work well for Pakistani businessmen and tourists.

When I visit Pakistani cities I don't really want to spend $100/day on a fancy hotel. A basic but clean hotel is fine. Cleanliness is the most important thing.

Five star hotels are for corporate clients, international businessmen and high-end tourists, none of which Pakistan is getting at the moment. Expensive hotels in Karachi are running at 50% occupancy.
 
#2,887 ·
You're right. Pakistan needs 2-3 star hotels in the Rs. 5,000/day or under range. That would work well for Pakistani businessmen and tourists.

When I visit Pakistani cities I don't really want to spend $100/day on a fancy hotel. A basic but clean hotel is fine. Cleanliness is the most important thing.

Five star hotels are for corporate clients, international businessmen and high-end tourists, none of which Pakistan is getting at the moment. Expensive hotels in Karachi are running at 50% occupancy.

why do u think Islamabad needs more 5 star? from a looks perspective yes it will look good..but i hear marriott has like 40 percent room occupancy and maybe serena has slightly more due to embassys bookings for diplomats...

but i think Islamabad and all of the pakistan cities need some'INNS" or 2 star express hotels like they have in USA..rooms cost about 50$
+1
 
#2,895 ·
CDA may reject highest offers for commercial plots

the Capital Development Authority (CDA) is unlikely to accept highest offers from all successful bidders of four commercial plots, which were offered for auction in a closed door bidding last week.

Sources in the CDA said that the authority would fetch little over Rs4 billion from auction of four plots on prime land of Islamabad if all offers were accepted.

However, a CDA source told ‘The News’ that they were expecting to raise over Rs5.5 billion but the target could not be achieved.

An official of the civic body said that the CDA board was the final authority to okay bids. “But it is unlikely that all offers will be accepted,” the official requesting not to be named said.

It has been learnt that the file for acceptance of bids would be taken up in the next meeting of the CDA board.

He said that Plot No. 1 and Plot No. 2, measuring 2,600 square yards each, in the extension of Blue Area (Sector F-8) where a 20-storey plaza would be constructed, received the highest offer of just Rs251,000 per square yard. “The offers seem to be unacceptable as we were expecting over Rs350,000 per square yard for these commercial plots,” the official said adding that they would have to go for re-bidding.

The cost of these two plots if offered in re-bidding could fetch around one billion rupees from existing highest bid of Rs652 million (Rs0.65 billion) each. The CDA could get much better price of its valuable plots if they attempt open auction of the property.

Another plot, measuring 4,800 square yards, had received the highest bid of Rs1.25 billion at the rate of Rs261,000 per square yard and a plot measuring 1.59 acres meant for luxury apartments near the US embassy in Diplomatic Enclave received the highest bid of Rs1.4 billion at the rate of Rs135,000 per square yard.
 
#2,896 · (Edited)
CDA may reject highest offers for commercial plots



He said that Plot No. 1 and Plot No. 2, measuring 2,600 square yards each, in the extension of Blue Area (Sector F-8) where a 20-storey plaza would be constructed, received the highest offer of just Rs251,000 per square yard. “The offers seem to be unacceptable as we were expecting over Rs350,000 per square yard for these commercial plots,” the official said adding that they would have to go for re-bidding.

.



Now that's an Interesting news because plot no 1 and plot no 2 are right in front of The centaurus. The belt in between Centaurus and PIMS. Someone planned to build a 20 floor building there.



CDA said 2-3 months ago that they want mid-rises 15-20 floor buildings in that belt not the old style traditional 5-6 floor plazas.
 
#2,897 ·
By my estimate, even by Toronto standards, the price of land in Islamabad is too high.

If they're expecting Rs. 350,000/sq. yd. for a 2,600 sq. yd. that's $10,000,000. If the developer can build a 20-story building of 10,000 sq. ft. per floor that will be 200,000 sq. ft. $10,000,000 / 200,000 = $50/sq. ft. of built space.

If sellable space is 80% of built space that equals $10,000,000 / 160,000 = $62.5/sq. ft. of sellable space. That's a high price even for prime areas in downtown Toronto.

At that rate, if you buy a small 2-bed 1,200 sq. ft. apartment in that building just the price of land is Rs. 6,900,000. And the quality of construction will probably be nowhere close to what it is in Canada. It seems like all the money will be spent on the land not on construction. (Only the Centaurus has construction quality like typical condo buildings in Toronto).

Like so many other things in Pakistan, land prices don't make any sense to me. They're like 3-4 times what they should be.
 
#2,899 ·
^^

They expecting Rs 350,000/sq yd for F-8 ext plots. That belt is only for Commercial and office buildings.
The apartment project land is somewhere near diplomatic avenue.
That's even worse for developers because the demand for expensive office space is usually much less than apartments especially during a recession like we have now. No wonder hardly any new project has started in the last 3-4 years. What is being built nowadays are those projects that started before PPP took over.

CDA is expecting developers to pay prices for land that were set during a boom period. They should be happy with what they're getting or wait till there's a competent government in power and an economic revival, which could take years.
 
#2,900 ·
first of all in front of Centaurus ..it should only be allowed to build a 2 story structure max..and also these CDA people have no visison..their is so much land dusty wasteland grwing weeds all over they could give the land out on a cheap lease and collect commison or at least increases jobs and construction..make a real financial downtown in and around the blue area....
 
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