Chinese company prepares building rules enabling the sale of real estate in the Colombo Port City to investors
A Chinese company currently engaged in a US$ 1.4 billion reclamation project in the Sri Lankan capital Colombo has reportedly prepared building rules that now enables the new real estate to be sold to investors.
CHEC Port City Colombo (Pvt) Ltd., which is subsidiary of China Harbour Engineering Company (CHEC) under the purview of China Communications Construction Company Limited (CCCC), has been quoted as saying in the local media that it has presented Development Control Regulations (DCR) for the Colombo Port City project.
“The DCR are a signal for the marketing team to present plots of reclaimed land as viable real estate,” Sri Lanka’s Minister of Megapolis and Western Development Patali Champika Ranawaka has said.
The Colombo Port City project comes under the purview of Sri Lanka’s Megapolis and Western Development Ministry.
The project involves the reclamation of 269 hectares of sea area next to the Colombo Port and will expand Colombo’s existing central business district.
According to Ranawaka, the project meets the need to expand Colombo’s central business district to meet the future demands.
“We are building a new city beside the old one now,” the Minister has been quoted by the local media as telling a forum where the new regulations were presented.
“The DCR will benchmark standards for the Megapolis (urban agglomeration project in Colombo) and the rest of country.”
The DCR has been prepared with the help of Surbana Jurong, a Singaporean urban design consultancy and Atkins, a UK-based engineering consultancy.
OSL take:
The sale of real estate in the Colombo Port City is an ideal investment opportunity for foreign investors to invest in Sri Lanka’s future. Investments in the Port City could be made in several areas that range from business, leisure, health and many other sectors. Local businesses could also grab the opportunity to seek foreign business entities to form partnerships/joint ventures to set up new ventures in the Port City. Also with Sri Lanka closing in on achieving hub status in the Indian Ocean region, holding a land space in the Colombo Port City will be a great asset in the global business sphere.
| Article Code : | VBS/AT/18042018/Z_5 |