Sri Lankan government to set up logistic park and luxury apartment complex
Sri Lanka’s Megapolis and Western Development Ministry is reportedly preparing to submit a proposal to the Cabinet of Ministers seeking approval for the acquisition of 94 acres in the Welisara area in the Western Province to set up a logistic park and a luxury apartment complex.
The local media has reported that the land is to be acquired from a camp belonging to the Sri Lanka Navy.
Sri Lanka’s Megapolis and Western Development Ministry Secretary Nihal Rupasinghe has told the English weekly newspaper, The Sunday Times discussions were underway with the Defence Ministry of Sri Lanka about the relocation of the explosives storage complex.
According to the media report, the logistic park is to consist of a cargo village with cold storage, value-added services and manufacturing, an empty container terminal as well as an open plaza.
Also, a nearby marshy area will be developed as a wetland park.
Project Director Rear Admiral (Retd) D.E.C. Jayakody has told the media that as part of the project, 18 luxury residential 14-floor apartment complexes would be constructed and they hoped to gain an income of Rs six billion.
He has further noted that the logistic park would be linked to the expressway by building of an entry and exit connectivity to link the Kadawatha-Kerawalapitiya outer Circular Expressway.
Reports state that the distance from the Colombo Port, the inter-connectivity with Colombo Port and the International Airport will be of a great advantage to the proposed logistic park.
OSL take:
The government of Sri Lanka is engaged in a massive development programme covering all economic sectors in the country. The continuous growth recorded in the country’s manufacture and exports sectors have created many business/investment opportunities in Sri Lanka’s logistics sector. Also, the increase in business activities in the country, especially in the commercial capital, Colombo and it’s suburbs have resulted in the demand for house and property in these areas. All these indicate an expansion in business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/18072019/Z_1 |