Six Expensive PIA Properties in New York, Amsterdam, Mumbai and Tashkent Lying Vacant Since Purchased in 1970s, 80s
ISLAMABAD: Six properties of the Pakistan International Airlines (PIA) worth billions of rupees are still vacant in different countries, documents available with NayaDaur Media revealed.
According to the documents, these properties were purchased between 1977 and 1986 mostly for residential purposes but have not been used since either for residential or commercial purposes.
The first of these 55 Saxonwood Roads, Scarsdale, is in New York, the United States, which was purchased in 1979 for $170,000. Supposed to be the GM’s residence, the property covers an area of 19,200 sq ft.
Meanwhile, there are three PIA properties in Amsterdam, The Netherlands. One is these covering an area of 275 sq m was purchased in 1986 at cost of 794,057 fl [Dutch guilders, the currency used before the introduction of euro]. It is located at 17, Leidsestraat, 1017 NT.
The second PIA property in Amsterdam was purchased at the cost of 449,335 fl for the residence of country manager. The structure purchased in 1978 covers an area and is located at 109 Abcoude Koningsvaren.
Another property in the city was meant to be the residence of accounts manager. Purchased in 1985 for 141,523 fl and covering an area of 95 sq meters, its address is APT 835, Van Nijenrodeweg.
Our national flag carrier has a similar property in Mumbai, India, as well. It was purchased for the residential purposes and a case is currently under the litigation in the Mumbai High Court. This property, according to the documents, was purchased in 1977, the size of which is 1,730 sq ft, at the cost of 282,910, Indian rupees. This apartment APT No 32, Jolly Makers Apartments was meant to be accounts manager’s residence.
Lastly, the sixth property, this time in Tashkent (Uzbekistan), was purchased for the official use of the airline in 1995. Its size is 243 sq meters and bought at a cost of $57,580.
When contacted, a PIA official, on the condition of anonymity, said these properties were purchased in 70s and 80s at important locations, the prices of which had skyrocketed by now.
He added that the authorities had not decided yet whether to sell or rent out these for revenue generation amid the financial crisis.
Most of these properties were bought for residential usage of the airline officials but had been used by individuals for their personal income and benefits which had never investigated by the high-ups in past, said the official.
NayaDaur Media made various attempts to contact the relevant PIA officials to get their version about the future of these properties but no one has responded so far.