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The Privatisation Commission is all set to hold bidding for the sale of
Services International Hotel land on July 26, 2007 Thursday at 11 am at
Privatisation Commission Conference Room at Islamabad with commitment from
successful bidder to build, own and run a five star hotel on a prime piece of
land on Shahrah-e-Quaid-e-Azam, Lahore, presently titled “Services
International Hotel (SIH)” with an area of fifteen (15) Kanals, three (03)
Marlas and one-hundred thirteen (113) square feet (68,288 square feet
approximately). Mr. Zahid Hamid Federal Minister for Privatisation &
Investment will supervise the bidding process in the presence of the
representatives of the print and electronic media.
The Privatisation Commission had invited fresh Expression of Interest (EOIs)
from financially sound international organizations with operating experience,
and individual / consortium of investors in this regard. The PC had received
seven EOIs which include 1. ASSOCIATED GROUP, LAHORE, 2. THE CITY GROUP,
ISLAMABAD, 3. HASHWANI HOTELS LTD, ISLAMABAD, 4. RUPALI POLYESTER LIMITED,
LAHORE, 5. ABRAAJ CAPITAL LIMITED, DUBAI, UNITED ARAB EMIRATES, 6. AL SABAIEA
NATIONAL GENERAL TRADING & CONTRACTING COMPANY, KUWAIT. 7. MARWAT ENTERPRISES,
LAHORE.
The interested parties have already sent EOIs alongwith non-refundable
processing fee of US $ 5,000 or equivalent Pak Rupees. They were further asked
to submit earnest money amounting to Rupees one hundred million latest by July
23, 2007 (Monday).
The successful bidder shall have to construct a five-star hotel including
basements in accordance with the Building Regulations of Lahore Development
Authority (LDA). The permissible height of the hotel building shall be 400
feet. The allowable floor area ratio shall be 1:12. The coverage at ground
floor shall be permissible after leaving 50 feet house line towards
Shahrah-e-Quaid-e-Azam, 13 feet wide space at three sides including the rear
side of the building. Upto 20% of the total covered area would be commercial
area with the condition that only 5% of this area would be used for shops
while the remaining 15% would be dedicated for offices.
The successful bidder shall have to construct a five-star hotel within a
three-year time frame. The Successful Bidder shall submit a Performance Bank
Guarantee equivalent to fifteen percent of the bid price. The Privatisation
Commission shall have the legal right to encash the Bank Guarantee if the
Successful Bidder fails to achieve the agreed construction milestones.