Sri Lanka offers Colombo, Nuwara Eliya lands to investors for tourism, development projects
EconomyNext: Sri Lanka is offering land in Colombo to investors for a high-rise mixed development project, and land near Gregory Lake in Nuwara Eliya for recreational activities aimed at attracting foreign tourists, minister Nalinda Jayatissa said.
Urban Development Authority land on Baladaksha Mawatha, Colombo 3, measuring 0.42 hectares, is to be given on a 99-year long-term basis to potential investors for a high-rise mixed development project, Jayatissa said.
The cabinet had approved inviting investment proposals under an International competitive bidding process.
The decision was made based on the recommendations of a committee appointed by the cabinet to overlook under-utilized land in the country, he said.
The committee had recommended using the land situated within the Mixed Development Zone of the Beira Lake, under the so-called Beira Lake development regulatory plan.
The cabinet had also approved a proposal to call for suitable investors to lease out a land adjacent to Gregory Lake on Badulla Road, Nuwara Eliya.
The UDA land was to be put into use “for the implementation of a project for recreational activities designed to attract foreign tourists” Jayatissa told reporters.
The land measuring 10 acres, 3 roods, and 28.04 perches will be offered to a suitable investor on a 50-year lease.
OSL take:
Sri Lanka’s ongoing development programme and the steadily growing tourism industry have presented many business/investment opportunities. While the development programme is aimed at ensuring that Sri Lanka is on par with global standards as an emerging business destination, the tourism industry growth has resulted in the industry becoming a key revenue generator to the country. It is in such a backdrop that the Sri Lankan government has decided to allocate lands in key areas for development projects as well as for developments in the tourism industry to attract more foreign businesses/investors to the country. With Sri Lanka being poised as an emerging business destination in the South Asian region and identified as a must visit tourist destination, the growing business potential of the country as well as the tourism industry, indicates the lucrative nature of the business/investment opportunities in these areas. Also, given the appreciating value of land in Sri Lanka, the offer of land for development projects would be a great support for many foreign businesses/investors to engage in economic activities in the country.
| Article Code : | VBS/AT/20260206/Z_3 |