LAHORE: The Lahore Development Authority (LDA) is all set to launch three mega projects in the city aimed at promoting investment and business opportunities besides healthy lifestyle and recreational facilities to citizens, says a handout.
The LDA has decided to execute these multi-billion-rupee projects through joint ventures under the Management and Transfer of Properties by Development Authorities Ordinance, 2014, and it will soon invite expression of interest (EOI) from well-reputed companies, firms or associations to undertake these projects.
The construction of a high-rise tower on Jail Road and luxury apartments and health club and an amusement part at the Finance and Trade Centre (FTC) in Johar Town is included in the proposed projects.
The high-rise tower to be called LDA Tower will be built on an area of 11 kanals of land opposite to the EFU House on Jail Road. The tower is intended to be a mixed-use building, offering panoramic view of the city along with unique amenities such as a revolving restaurant at the top of the building.
The LDA also wishes to undertake development of luxury apartments on 8.4-acre land reserved for the purpose at the FTC.
Located in the proximity of a commercial zone, these apartments will offer an unparalleled residential experience.
A top-class health facility with gymnasium, spa, sauna, swimming pool, and indoor and outdoor sports facilities may also be created on this land to enhance the quality of living.
The LDA also wishes to establish an amusement park conforming to international standards in close proximity to high-end commercial and residential zone of the city.
The project to be built on a 9.2-acre chunk of land will contain high quality miniature golf course, roller coaster, ferries wheel and other state-of-the-art joy rides. It will provide much needed family recreational facilities in the city of Lahore.
The LDA intends to partner with private developers in a joint venture arrangement for the construction of each project.
The LDA shall provide land as equity, while the private partner shall 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.
The EOI will be solicited from interested private parties that have strong financial position and can bring together skills and resources necessary for undertaking these projects. Open competition will be held between pre-qualified competitors using two-stage two-envelope process. Pre-qualification documents can be obtained from the office of the LDA or downloaded from the authority website (www.lda.gop.pk).
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