Sri Lanka’s Port City in Colombo completes reclaiming 269 hectares commences surface development
Sri Lanka’s proposed Colombo Port City in Colombo has completed reclaiming 269 hectares, CHEC Port City Colombo (Pvt) Ltd, a unit of China’s CCCC group has announced.
The land reclamation work has been completed three months ahead of schedule and is now commencing work on surface development and building utilities.
Chinese ambassador to Colombo, Cheng Xueyuan has reportedly said that China had spent US$ 700 million in reclamation work over 28 months, employing 4,000 Sri Lankans.
According to reports, the project is now in surface development and building drainage and utilities. The estimated cost of the total project is US$ 1.4 billion. Another US$ 15 billion of investments are expected from buildings on the land over two decades.
CHEC Port City Colombo Managing Director Jiang Houliang has told the media that sand filling had been completed three months ahead of schedule after starting 28 months ago.
Sri Lanka’s Minister of Megapolis Development Patali Ranawaka has reportedly said that 70 million cubic meters of sand had been used to fill the 260 hectare sea and 70 conditions were set in a development license given to the project company following an environmental impact assessment and a public consultation.
OSL take:
The Colombo Port City also known as the financial city once completed will offer a host of investment opportunities. The Chinese funded project would put in place a state of the art new city in Sri Lanka that would be the ideal business venue for foreign businesses/investors. Given Sri Lanka’s geographical positioning in the Indian Ocean, the country with its latest developments is fast becoming a hub in the Indian Ocean region. Therefore, foreign businesses/investors could explore investment opportunities in Sri Lanka while also grab a piece of prime business land in Colombo – the Port City.
| Article Code : | VBS/AT/17012019/Z_1 |