Pakistan's property auctioned in America, three people bid, Jewish group highest

In the midst of the current economic crisis, pakistan has received three bids for this property. Pakistani newspaper Dawn has reported quoting diplomatic sources that a Jewish group has made the highest bid for the building which once housed the defense section of Pakistan's embassy.

pakistan has been facing an economic crisis for a long time. The situation has reached so far that he has to sell his property abroad. pakistan is also selling its embassy building in America. Pakistan's prime minister Shehbaz Sharif recently approved the sale of his embassy building in the US. Bidding has started for this purchase. This building is located in the posh area of Washington, the US capital, and its value is said to be around US $ 6 million.

Jewish group placed the highest bid

In the midst of the current economic crisis, pakistan has received three bids for this property. Pakistani newspaper Dawn has reported quoting diplomatic sources that a Jewish group has made the highest bid for the building which once housed the defense section of Pakistan's embassy. Pakistani diplomatic sources said the highest bid of about $6.8 million (Rs 56.33 crore) was placed by a Jewish group. The group wants to build a synagogue in the building.

According to sources, an indian real estate agent also made a second bid of about US$5 million (Rs 41.38 crore), while a Pakistani real estate agent made a third bid of about US$4 million (Rs 33.18 crore).

The Dawn quoted a Pakistani realtor as saying that "we should keep this tradition, as it will create a lot of goodwill among an influential American community who want to use it as a place of worship." Earlier this month, Pakistani embassy officials said there were three diplomatic properties in Islamabad in Washington, including one on R Street NW, which were being sold. The Defense Section of the pakistan Embassy functioned in this building from the 1950s to the early 2000s. However, Pakistani officials clarified that neither the new nor the old embassies were being sold.

Consider the privatization of Roosevelt Hotel in New York

Earlier on Monday, the Roosevelt Hotel property in New York was to be leased out and the cabinet Committee on Privatization (CCoP) requested the Privatization Commission to name a financial advisor. The hotel is owned by pakistan and the Pak government is looking to form a cooperative venture for its potential mixed-use development.

Earlier in August, according to multiple media reports, it was decided that pakistan should offer management control of The Roosevelt Hotel in New York and a 51 percent stake in pakistan International airlines (PIA) to Qatar. But the PIA Act prohibits selling more than 49 percent stake and giving management control to any other party. Thereafter, it was decided that the legal process should be immediately initiated to amend the PIA Act so as to remove the restrictive clause.

The Roosevelt Hotel is owned by PIA through PIA-Investments Limited. PIA-Investment Limited has a stake in it through a subsidiary registered in the british Virgin Islands. The hotel, located in a high-priced location, was closed in december 2020.