Port City promoted at Shanghai conference
• Port City promoted to Indian Investors at Shanghai conference
• CREDAI is the apex Indian national body that represents over 12,000 real estate developers through 23 states and 156 city chapters across India.
• The Association’s annual conference, NATCON provides all stakeholders of the real estate industry, a unique opportunity for networking and knowledge sharing as well as an understanding of different markets, asset classes, economic centres, evolving policies and legal frameworks.
• 5 leading Indian companies, based in Mumbai, have expressed willingness to invest in the Chinese-funded Colombo Port City project.
• 3 of the 5 companies already have a strong presence in Sri Lanka.
• With this development, India, which earlier raised concerns over the Colombo Port City project, is likely to become an important stakeholder of the development plan.
• When India develops business interests in the project, they will not be in a position to resist the Port City over geo-political concerns.
• Approaching India to invest in the Port City is a masterstroke from a strategic point of view.
• On the other hand, it ensures a win-win solution to all stakeholders.
Colombo Port City had been invited to participate in NATCON, the annual conference of the Confederation of Real Estate Developers Association in India (CREDAI), which was held in Shanghai from August 3-5 this year.
Chief Sales & Marketing Officer of Port City, Liang Thow Ming, who attended the event, promoted the Colombo Port City to approximately 1100 top real estate developers in India.
He also took part in a panel discussion that deliberated an interesting topic in the modern world “India and China – Economic Adversaries or Allies.”
The debate, which was the key highlight of the 2nd day of the conference, discussed the current social economic conditions of two nations that has caught world attention as unfolding powers that hold the key to the future.
Whilst promoting the Colombo Port City, Liang also presented the ‘China Story’, sharing insights into the rapid growth achieved by that country’s real estate fraternity.
The decision to participate in NATCON was especially significant as CHEC Colombo Port City had made it clear that the Port City was an international project and Liang had made a visit to India in May this year to scout for investors in the Indian real estate industry.
OSL Take:
Colombo Port City is a planned offshore city in Colombo, Sri Lanka which is to be built on reclaimed land adjacent to the Galle Face Green.
The city will use construction resources from the Colombo Harbour Expansion Project, currently under construction near the site of this proposed city.
Utilities and transport infrastructure :
Under the original agreement all investments in roads and utilities within the reclaimed area was the responsibility of the project company while providing all utilities and road infrastructure to the periphery of the site was the responsibility of the Government of Sri Lanka.
Under the new agreement, the possibility of undertaking public-private partnerships through the project company will be evaluated as a long term solution to ease the GOSL’s responsibility of undertaking provisions of road infrastructure and utilities to the periphery of the site.
New environmental conditions:
Under the original environmental impact assessment (EIA) study carried out in 2011, only 42 conditions were imposed by the Department of Coast Conservation in its development permit. However under the new supplementary EIA carried out by the Ministry of Megapolis for 269 hectares of reclaimed land and made available for public comments in December 2015, the new development permit issued by the Department of Coast Conservation includes 70 conditions to mitigate the impact on the environment.
Role of the Ministry of Megapolis and Western Development:
Under the new agreement, responsibility of performing government responsibilities including amendment of the Sri Lanka Ports Authority Act is vested with the Ministry of Ports and Shipping.
Instead of the agreement signed by the previous government on 16 September 2014, a new trilateral agreement will be signed among the Ministry of Megapolis and Western Development (on behalf of the government), UDA and the project company.
In addition to India, OSL believes the Colombo Port City will be an exciting project for South East Asian investors who are now venturing into global investments.
On the other hand, Western countries (investors) too have an opportunity to join hands with the project via OSL by registering their interest with us ASAP.
The ETCA trade agreement with India also adds more value to the Colombo Harbour Expansion Project as investors opening factories in the industrial cities within the Western Region Megapolis Masterplan (WRMM) will be able to access the mammoth Indian Market without taxation barriers.
Feel free to talk to the biz-friendly OSL Team to learn about the vast collection of investment opportunities representing all commercial sectors in the island proposed on the PPP investment platform under the unity government of Ranil and Maithri.
| Article Code : | VBS/AT/08082016/Z-5 |