Islamabad, Bahria University Endowment Fund Trust (BUEFT) has initiated a transparent and competitive bidding process for the sale of a commercial plot located in DHA Phase-II, Islamabad. The university is inviting interested individuals, firms, and companies to participate in the auction, aiming to dispose of the property on an “As-is, Where-is” basis in compliance with the Public Procurement Regulatory Authority (PPRA) Rules 2004.
According to Bahria University, the commercial plot, measuring 1200 square feet (5.33 Marlas) and situated at Plot No. 7, Tipu Blvd, Sector G, DHA Phase-II, Islamabad, is available for bidding. The property is free from any encumbrances and holds clear titles. The auction is open to all Pakistanis, both residing in the country and abroad, as well as registered entities, provided they meet the eligibility criteria outlined in the tender notice.
The bidding process will follow a single-stage, one-envelope procedure, where interested buyers are required to submit sealed bids along with necessary documents and a refundable bid security amounting to 1% of the bid. Bid security for unsuccessful bidders will be returned within 20 working days after the closing date of the auction.
The highest bidder, exceeding the reserve price, will be declared the successful bidder, subject to approval by the President of BUEFT. The successful bidder will be required to deposit 20% of the total bid amount within fifteen working days following the issuance of the “Bid Acceptance Letter,” with the remaining 80% to be paid within thirty working days. In case of non-compliance, the bid offer will be canceled, and the deposited amount forfeited.
Applicable taxes and charges will be borne by the successful bidder and BUEFT respectively. The property transfer and subsequent responsibilities, including compliance with applicable bylaws and taxes, will lie solely with the buyer.
Proposals for the auction are to be submitted in hard copy by the deadline of 12 February 2024, 1100 hours, with the sealed bids scheduled to be opened on 15 February 2024 at Bahria University. Interested bidders are allowed to attend the bid opening.
This auction is part of Bahria University’s efforts to effectively manage its assets and resources, offering a prime investment opportunity in one of Islamabad’s prestigious locations.