Sri Lankan government awards contract to build new housing scheme in Colombo
The government of Sri Lanka has reportedly approved a proposal presented by Sri Lanka’s Minister of Urban Development and Housing on the recommendation of the Cabinet appointed standing procurement committee to award Access Engineering PLC the contract to build a new housing scheme in Colombo for Rs. 9.37 billion.
The Elliot Place Housing Project with 400 housing units by Sri Lanka’s Urban Development Authority is for middle income earners in the public and private sectors, Sri Lanka’s Government Information Department.
According to the government, the project did not proceed as planned due to financial problems in the company that was awarded the contract for the design, construction and financing of the project and the contract was terminated.
National competitive bidding was called for the completion of the remaining work of this priority project and Access was selected for the work, local media reports state.
OSL take:
Sri Lanka is currently engaged in housing construction projects to meet the demands of urbanisation due to the increasing economic activities in the country. Sri Lanka is working its way towards being a business hub in the South Asian region given the country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the island. The opportunities in Sri Lanka’s housing sector is expanding with demand building for low, middle and upper income housing. Foreign businesses/investors could explore the opportunities in Sri Lanka’s housing construction sector.
| Article Code : | VBS/AT/20200924/Z_2 |