CDA to Float New Proposal for Investment in Islamabad IT park

A company has expressed interest in investing over Rs. 1 billion in the proposed Islamabad IT Park, an initiative led by the Capital Development Authority (CDA). However, negotiations have hit a snag over rental fees. The CDA is demanding Rs. 15 million in rent, while the company is willing to pay 10 million. Due to this discrepancy, the CDA plans to issue another Request for Proposal (RFP) for the IT park. According to the CDA, initially, three companies showed interest in the IT park’s business document, but discussions moved forward with only one company due to its significant investment interest. After floating the new RFP, the offers from companies will be presented to the CDA board, which will make the final decision on accepting or rejecting any bids. In March 2024, the CDA approved the establishment of Pakistan’s largest IT park in Sector G-10 of Islamabad. The IT Park, to be developed on a 3.3-acre plot, will be a public-private partnership. It will encompass 0.1 million square feet and provide workspace for 5,000 to 6,000 freelancers. The park will include areas for freelancers, start-ups, software houses, a library, IT product exhibition spaces, research centers, conference halls, and meeting rooms. According to the RFP, the IT park will be rented out on an “as is” basis. Bidders must bid for the entire 3.3-acre plot, and the plot, along with all built structures and open spaces, will remain the property of the CDA. The rental period is initially set for 15 years, with the possibility of a five-year extension upon mutual consent and CDA approval.