The Lahore Development Authority will hold an open auction of plots reserved for setting up a five star hotel and an international superstore in the Finance and Trade Center, Johar Town, on October 5.

According to LDA sources, the sale of plots, measuring 114 Kanals and 90 Kanals respectively, through open bidding had earlier been planned for August 23 and September 10 but was rescheduled to facilitate investors.

The Finance and Trade centre is being established by LDA on 1,123 kanals of land, situated near Expo Centre, in Johar Town. On the land, a superstore will be built on 90 kanals, a five star hotel on 114 kanals, a bank square on 69 kanals, a health club on 27 kanals, a hospital on 25 kanals, a mosque on five kanals, a recreation area on 75 kanals, parking and mini-golf club on 32 kanals and a park and lake on 42 kanals. About 40 kanals have been reserved for multi-storey apartments, eight kanals for the service area and 388 kanals for roads. The commercial area of the centre would be on 111 kanals and a corporate office and LDA tower on 101 kanals.

LDA also allocated a sum of Rs 500 million for construction and improvement of infrastructure of the area in the present budget for encouraging construction of high-rise buildings in the Finance and Trade Centre. LDA will frame special building regulations for its finance and trade centre.