Sri Lankan realty firm gets prime land on long term lease in the commercial capital for development programme
Sri Lanka’s Government Information Department has reportedly states that Access Realties, which is a Sri Lankan company, has taken 114.56 perches of prime land in the country’s commercial capital, Colombo for Rs. 1.1 billion on a 99-year lease.
The Cabinet of Ministers has recently approved a proposal presented by Sri Lanka’s Minister of Megapolis and Western Development, Patali Champika Ranawaka to lease the land at Mudalige Mawatha, in Union Place, Colombo 2.
Access Realties is the commercial real estate development sector of Access Engineering Construction.
OSL take:
The receipt of a large block of prime land in Sri Lanka’s commercial capital, Colombo, by a local business entity is indicative of development opportunities in the country and the government’s readiness to assist in such projects by allocating the required lands. Foreign businesses could look at forming joint ventures with local companies and bid for development programmes in Sri Lanka and seek state assistance given the government’s keenness in attracting foreign direct investments to the country.
| Article Code : | VBS/AT/26092018/Z_3 |