Government Approval Granted for Leasing LDA Walk & Shop Arena to PCBDDA
Government Approval Granted for Leasing LDA Walk & Shop Arena to PCBDDA
Lahore: On January 16, news sources reported that the government has officially given its approval for the leasing of Lahore Development Authority's (LDA) 'Walk & Shop Arena' project in Johar Town to the Punjab Central Business District Development Authority (PCBDDA). This significant development is subject to specific conditions and regulatory considerations.
The 'Walk & Shop Arena' project, also known as Lahore Global Village, is slated to be leased with conditions that include the submission of a formal request to the PCBDDA, adherence to proposed terms and conditions, execution of a lease agreement with the PCBDDA, and the awaited promulgation of the Management and Transfer of Properties by Development Authorities (Special Dispensation) Rules-2023. Furthermore, the agreement is contingent upon the government's approval of terms and conditions and the rescission of the previous agreement dated August 12, 2023, between LDA and PCBDDA.
Outlined in a recent meeting of the LDA governing body, the approved proposal involves an agreement with the PCBDDA for the marketing of high-value properties owned by the LDA. The government has also urged coordination with the Secretaries of the Finance and Housing Departments to finalize modalities for local and foreign investments, amounting to USD 500 million, subject to legal and codal formalities.
The principal agreement, initially signed on August 12, 2023, between LDA and PCBDDA, delineates revenue-sharing ratios of 80% for LDA and 20% for PCBDDA. The lease period for the Lahore Global Village project is set at 33 years, extendable upon mutual consent. Importantly, property ownership remains with LDA, while PCBDDA manages revenue and sub-leases.
Spanning 130 kanals and costing PKR 2 billion, the 'Walk & Shop Arena' project boasts architectural themes such as Mughal, Spanish, Italian, Chinese, and American. It includes amenities like an amusement park, amphitheater, shopping mall, restaurants, and various recreational facilities.