The Lahore city authority is planning to construct multibillion, 28-storey-high twin towers, offering panoramic view of the city and a rooftop restaurant.
The proposed Lahore Twin Towers on Jail Road are intended to be a high-rise, mixed-use building, estimated to cost about Rs4.25 billion, according to the Lahore Development Authority (LDA). The project will be executed under the management and transfer of property laws given in the Development Authorities Act, 2014.
The authority has formally invited expressions of interest (EOI) from well-reputed, financially sound companies for the construction of the twin towers on joint venture basis. The deadline for submission of EOIs for the project is May 24.
As per the proposed terms, the LDA will provide the land as equity for the project while the private partner will be responsible for the design, financing, construction, marketing, sales and management.
The constructor will share the profits with the development authority while the management of facilities will be determined through open, competitive bidding.
EOIs have been solicited from private parties having a strong financial position and those able to bring together skills and resources necessary for undertaking the project. Open bidding will be held between prequalified competitors using two-stage, two-envelope process.
The authority has uploaded the prequalification documents on its website (www.lda.gop.pk) and they can also be obtained from the office of LDA chief engineer.
Last month, LDA Director-General Zahid Akhter Zaman also met Chinese and Turkish investors and invited them to invest in the project on the directions of the Punjab chief minister.
The authority has also decided to rent out the vacant rooftop of the LDA Plaza on Egertor Road for setting up a restaurant. The LDA secretary and other sponsors have also invited EOIs from local and multinational restaurant chains for setting up the outlets on around 8,000 square foot.