Sri Lanka to look for investors to set up luxury hotel in former prison premises in Colombo - Opportunity Sri Lanka
Sri Lanka to look for investors to set up luxury hotel in former prison premises in Colombo

Sri Lanka to look for investors to set up luxury hotel in former prison premises in Colombo

Sri Lanka’s Urban Development Authority (UDA) is reportedly looking at launching a hotel project covering some areas of the Welikada Prison in Colombo after the relocation of the prison Complex to Millewa.
According to local media reports, approximately 35 acres of the 40-acre premises of the Welikada Prison are expected to be set aside for other investments.
Sri Lanka’s State Minister of Prison Management & Prisoners’ Rehabilitation Lohan Ratwatte has stated that several investors have already agreed to the relevant projects.
UDA officials have been instructed by the country’s Prime Minister to invite other investors for the proposed project in addition to those who have already expressed interest.
The Rs. 30 billion Welikada Prison relocation project is expected to be completed by 2024.

OSL take:

The ongoing development programme in Sri Lanka covers all key economic sectors in the country. With Sri Lanka fast emerging as a business destination in the South Asian region, the island has presented many high value development programmes. Sri Lanka’s geographical positioning in the Indian ocean, the trade agreements and concessions enjoyed by the country as well as the continuously improving ease of doing business environment in the country have all made Sri Lanka the ideal business/investment destination in the region. Given the resilience shown by Sri Lanka’s economy amidst the Covid 19 pandemic, foreign businesses/investors could confidently explore the growing opportunities in the country.

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Article Code : VBS/AT/10092021/Z_8

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