Islamabad: The Capital Development Authority (CDA) is set to release a new Request for Proposal (RFP) for the Islamabad IT Park, following unsuccessful rental fee negotiations with a key investor.

According to Zameen.Com, a potential investor had expressed interest in injecting over PKR 1 billion into the IT Park, but disagreements over rental fees halted progress. The CDA had requested PKR 15 million in rent, whereas the investor proposed only PKR 10 million. This deadlock has led the CDA to seek additional bids to ensure competitive leasing terms. Initially, three companies were interested in the proposal, but only one moved forward in negotiations due to its substantial investment offer.

The IT Park, which was approved by the CDA in March 2024 for development in Sector G-10 of Islamabad, is envisioned to be Pakistan’s largest IT hub, covering 3.3 acres with facilities designed to accommodate 5,000 to 6,000 freelancers. This public-private partnership aims to provide a comprehensive environment for freelancers, start-ups, and established IT firms, featuring amenities such as software houses, a library, exhibition spaces for IT products, research centers, and conference facilities.

Prospective investors are required to bid for the entire plot, including all constructions and open spaces, under an "as is" agreement. The CDA retains ownership of the land, offering a 15-year lease with an option to extend for another five years upon mutual agreement.