Sri Lankan government to launch mixed development plan for the west of Beira Lake in Colombo
The government of Sri Lanka has reportedly finalised a large scale mixed development plan for the west of Beira Lake in the country’s commercial capital – Colombo.
The project has freed up crown land for new investors under a public-private partnership (PPP) model.
Approval of the Cabinet of Ministers had been sought to vest around 10 acres of prime land in Colombo with Sri Lanka’s Urban Development Authority (UDA), consisting of the Sri Lanka Air Force grounds, Slave Island Police Station, and the Helitours ticketing office.
The Cabinet memorandum tilted ‘Vesting of Lands at Sir Chittampalam A. Gardiner Mawatha for West Beira Mixed Development Project at Slave Island to the UDA’ was presented last month by Sri Lanka’s Prime Minister Mahinda Rajapaksa, who is also the country’s Minister of Urban Development, and is tipped to receive approval as soon as the new government assumes office.
According to local media reports, the UDA Board of Management has approved the vesting of the lands with the Authority at a meeting held on 14 May, and the proposal is now under consideration before Cabinet.
The project area consists of four separate lots, including the former Examination Department, but the UDA is already in the process of vesting this property with the authority, reports further state.
Sri Lanka’s development agenda that was temporarily halted during the Covid 19 lockdown has once again been reactivated. This has resulted in the expansion of business/investment opportunities in the island. Foreign businesses/investors looking at business/investment opportunities could explore opportunities in Sri Lanka’s development programme.
|Article Code :||VBS/AT/12082020/Z_4|