NAB Gets Bids for Three Bahria Town Properties in Long-Awaited Auction

Islamabad — In a closely watched auction on Thursday, the National Accountability Bureau (NAB) sold one Bahria Town property outright and received conditional bids for two others, netting a combined Rs2.27 billion. The sale took place behind closed doors at NAB’s Rawalpindi/Islamabad regional headquarters.

A Quiet Auction with Big Numbers

While media teams were invited to cover the event, they weren’t allowed inside to witness the bidding process. Instead, journalists were kept in a separate committee room, where they were later handed a brief, one-page summary of the results.

Outside the NAB headquarters, dozens of private vehicles—presumably belonging to bidders—lined the premises.

Three Sold, Three Shelved

NAB had originally planned to auction six properties belonging to controversial property tycoon Malik Riaz. In the end, only three moved forward:

• Rubaish Marquee — sold for Rs508 million, Rs20 million above its reserve price of Rs488m.

• Two corporate offices — received conditional offers of Rs876 million and Rs881.5 million, matching their reserve prices.

The other three—Arena Cinema (Rs1.1bn reserve), Bahria Town International Academy (Rs1.07bn), and Safari Club (Rs1.2bn)—were pulled from the sale due to a lack of qualifying bids.

Why the “Conditional” Offers?

According to NAB sources, the bidders for the corporate offices requested a change in the designated use of the premises before finalizing their purchases. This is why their offers remain “conditional” pending approval.

Legal Backdrop

These properties were put on the auction block because of a default on a plea bargain amount linked to a reference against Zain Malik, Malik Riaz’s son-in-law and part-owner of Bahria Town.

Malik Riaz himself is currently abroad and is reportedly avoiding arrest in several other high-profile cases, including the £190 million Al-Qadir Trust case and the Bahria Town Karachi case.

Court Battles Leading Up to the Sale

The Islamabad High Court (IHC) cleared the way for the auction earlier this week by dismissing petitions against the sale of six Bahria Town properties in Rawalpindi and one in Islamabad.

However, even after the IHC decision, Bahria Town approached the Supreme Court in a last-minute attempt to stop the auction. NAB, nonetheless, proceeded with the sale as scheduled on August 7.

What Happens Next?

NAB has yet to announce a date for the re-auction of the remaining three properties. Much will depend on court developments and whether the conditional bids for the two corporate offices are approved.

Published in Dawn, June 13th, 2025