CDA Cancels Auction for Petrol Pump Sites After Poor Response to Hotel Plots Sale

The Capital Development Authority (CDA) has canceled the auction of seven petrol pump sites in Islamabad following a lackluster response to the sale of five hotel plots. The petrol pump auction, which was set to take place on Tuesday, was exclusively open to registered oil marketing companies and involved a single package bid for all seven sites located in various parts of the city.

The cancellation came after the CDA's attempt to sell the hotel plots on Monday drew only five participants, with just one plot receiving a bid that barely exceeded the reserve price. Investors have criticized the reserve prices for the hotel plots, arguing that they are excessively high and should be reduced to more affordable levels.

Brief written by urgent.news from ProPakistani's own syndicated text. Machine-written — may contain errors; check the original before relying on it.