Islamabad – The Punjab government has formally released a Request for Proposal (RFP) for its ‘Topaz Block’ development under the Ravi Urban Development Authority (RUDA).
Sources say the RFP for the Design, Build, Finance, Operate and Maintain (DBFOM) project was issued this week.
The Topaz Block spans some 12,500 acres and will be delivered via a public-private partnership model, data shows.
Interested parties can purchase the RFP documents until Friday, March 1st 2024. The bid submission deadline is 3pm on Monday, March 4th.
The flagship Topaz project aims to realise a new vision for urban growth through public-private collaboration.
Objectives are developing a vibrant, sustainable community, driving economic expansion and upgrading infrastructure.
The RFP details the scope, obligations and evaluation criteria for potential private partners. Bids will be assessed on technical capacity, financial strength and proposed master planning.
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Topaz Block forms part of the wider Ravi Riverfront Urban Development Project – Punjab’s flagship new city project covering over 100,000 acres.
Up to PKR 5 trillion (£20 billion) in private investment is expected over the entire Ravi scheme. Topaz will be a key test of investor appetite.
Experts say credible partners and minimal red tape will be key to attracting global developers and finance for Topaz Block.
Many previous Punjab mega-projects have failed to get off the ground. The province hopes Topaz can set a new precedent.
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