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The bidding schedule for the disposal of the assets of
Karachi Hotel Project formerly allotted to Hyatt Regency Hotel Project
on 'as is where is' basis is formally announced by the Custodian, the Chairman
Privatisation Commission. A pre-bid meeting to be participated by the parties
submitting Expression of Interest will be informed about the base price on
September 3, 2003. The last date for submission of Application form, Power of
Attorney, Earnest Money and sealed bids is fixed as September 10, 2003. The
bidding shall take place as per details given in the bid documents.
While facilitating the interested parties who have not expressed their
interest earlier have been asked to submit their EOIs by August 30, 2003,
however, the parties who have already submitted the EOIs in response to
previous invitations in 2001 and 2003 need not apply afresh.
The project is available on a 99-year lease from the date of signing an
restricted commercial use leasehold agreement, between the successful buyer
and Pakistan Railways at a lease-rent of Rs. 556,745/= per annum for the first
ten years.
The project is constructed on land measuring over 10,000 square yards. It is
located at the intersection of Maulvi Tamizuddin Khan Road and Dr. Ziauddin
Ahmed Road. It is a prime business location of Karachi and directly faces
Sheraton Hotel, Pearl Continental Hotel and the PIDC House.