Sri Lanka invites 99-year lease proposals for Charmers Granary property
Daily FT: The Cabinet of Ministers has approved a plan to call for investment proposals to lease the Charmers Granary property in Colombo Fort for a period of 99-years, based on the current valuation provided by the Government Chief Assessor.
Addressing the post-Cabinet, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the 3.92-hectare site, equivalent to 9 acres, 2 roods and 31.75 perches is owned by the Urban Development Authority (UDA) and occupies a prime location along Olcott Mawatha, within the Integrated Mixed Development Zone outlined in the Colombo Municipal Council Area’s Development Plan for 2022–2031.
He said the move aims to attract high-quality investors capable of delivering projects that align with Colombo’s long-term urban development goals, enhancing the city’s global competitiveness while generating employment and economic activity.
Dr. Jayatissa said the authorities have identified the land as highly suitable for large-scale, financially viable projects with strong environmental and social benefits. “Potential developments could include a mix of residential, healthcare, office, industrial, commercial, educational, tourism, recreational and customer service facilities,” he added.
The proposal to this effect submitted by Urban Development, Construction and Housing Minister Anura Karunathilaka was approved by the Cabinet of Ministers.
OSL take:
Sri Lanka’s development and state sector reforms programmes have presented a host of business/investment opportunities. As the country is poised as an emerging business destination in the South Asian region while on the path to becoming a hub in the South Asian region, businesses/investments in Sri Lanka would ensure guaranteed returns on investment to foreign businesses/investors. The move to provide strategic, high value state properties on long-term leases for development projects indicates the opening of a host of new business/investment opportunities. With renewed interest in Sri Lanka by foreign businesses/investors given the country’s geographical positioning in the Indian Ocean and strong trade ties and access to many foreign markets, Sri Lanka has undoubtedly become an emerging business destination in the South Asian region. Given all these positive factors, foreign businesses/investors could confidently explore the expanding business/investment opportunities in Sri Lanka, especially in the country’s development programme.
| Article Code : | VBS/AT/20250813Z_8 |