ISLAMABAD
\nThe Capital Development Authority (CDA) has said it has auctioned five sites for establishing padel tennis courts in various areas of the city, expecting to generate Rs7.6 million per month.
\nPadel tennis, a combination of tennis and squash, is rapidly gaining popularity in the country. Last month, the CDA was about to hand over these sites to the lowest bidder on a profit-sharing basis.
\nHowever, Interior Minister Mohsin Naqvi intervened and directed the CDA to opt for a new auction on a fixed rent basis instead of revenue sharing. Mr Naqvi stated that the revenue-sharing model posed risks of corruption.
\nFollowing the directive, the CDA conducted fresh tendering and received an overwhelming response from investors. The successful bidders will construct two courts at each site to operate them on a commercial basis.
\n\u201cOn the directions of the interior minister and CDA chairman, and under the supervision of acting chairman Talat Mahmood Gondal, the CDA has successfully auctioned five premium padel tennis sites across Islamabad at a substantial monthly revenue of Rs7.6 million,\u201d stated a press release issued by the CDA.
\nThe five sites include, G-5 near Serena Hotel, auctioned for Rs 2.1 million per month; F-8, also auctioned for Rs2.1 million per month; F-9 Park, auctioned for Rs1.45 million; G-11, auctioned for Rs1.1 million and G-8, auctioned for Rs 900,000.
\nThe successful bidders are required to complete construction within 45 days.
\nThe press release said CDA Chairman Mohammad Ali Randhawa and acting chairman Talat Mahmood expressed satisfaction over the successful outcome of the auction.
\n\u201cCDA achieved optimal market value for these prime sports facilities through a process that was completely transparent and competitive, fulfilling our core objective of maximising public resource utilisation for the benefit of the citizens of Islamabad,\u201d the press release stated.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The Capital Development Authority (CDA) has said it has auctioned five sites for establishing padel tennis courts in various areas of the city, expecting to generate Rs7.6 million per month. Padel tennis, a combination of tennis and squash, is rapidly gaining popularity in the country. Last month, the CDA was about to hand over […]<\/p>\n","protected":false},"author":2,"featured_media":487274,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":{"0":"post-487261","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-sports"},"yoast_head":"\n