The Cantonment Board Manora has auctioned its beach for a resort to Dreamworld Company for five years after it became the highest bidder at Rs 11,100,000 for a year’s payment.
In August, the cantonment board advertised in leading newspapers that it was going to hold a mega auction for a Manora Beach Resort.
The advertisement stated that it would go to the highest bidder and the auction was held September 8.
The Manora Beach Resort was auctioned for a monthly rental for a period of five years. Cantonment board officials told that Dreamworld would pay Rs925,000 per month.
The agreement can be extended for a further five years if the performance is satisfactory and no complaints are received from the public or higher authorities.
“A proper agreement will be done within a month with Dreamworld,” a CBM official added.
The resort is a commercial project of the cantonment board called “Manora Beach Resort”. It comprises a ground plus two floor building along with four tuck shops near the Varun Dev Mandir. There is an open area of 1,562 square yards at the beach view site.
This infrastructure has been constructed by the cantonment and handed over to Dreamworld for further renovation. Dreamworld will have to design and install décor.
Dreamworld has been running a resort, hotel and golf course next to Gulshan-e-Maymar off the main Super Highway for the last 25 years. It was established in 1996.
In order to take part in the auction, every bidder would have to submit Rs5 million in a bank draft or pay order in the name of the Cantonment Executive Officer had to be deposited prior to start proceedings.
The money would be returned to unsuccessful bidders except for the highest and second highest bidders, till the sanction or rejection of the successful highest bid by the board.
Raas Logistics was the second highest bidder among the four parties that took part in the auction.
Now Dreamworld will have to deposit six months rent as security (refundable after the successful completion of a five-year term or extended one, whichever is earlier), within 15 days of the auction.
It will have to pay six months advance rent within 30 days of the approval and post-date checks for the remaining rent of 48 months.
The rent will be the same up to the first three years and after that it will be enhanced annually. The cantonment board will decide how much to increase it under the powers granted in the Cantt Act, 1924.
